Hungary establishes asset recovery agency to investigate oligarchs

The Hungarian Parliament has approved legislation to establish the National Asset Recovery Office (NVVH), a powerful agency designed to investigate the wealth of oligarchs and companies benefiting from favorable state contracts.

The agency will possess extensive authority to investigate public procurement, state subsidies, concessions, EU funds, and beneficial ownership relationships. Under the new law, the NVVH can inspect financial records, contracts, and books, and may even intervene in corporate decisions or countersign contracts for companies under investigation.

Notably, the agency’s powers allow it to direct investigations and bring charges, effectively breaking the traditional monopoly of the public prosecutor in cases involving public property. The 4iG Group, which owns One Albania, is identified as a primary target of this new oversight. The Hungarian government has already opened a competition to select the head of the office, with approximately 100 candidates having applied so far.