Magyar Nemzeti Bank investigates Ruszlan Rahimkulov's companies

The Hungarian National Bank (MNB) has launched a market supervision investigation into two companies owned by Russian-Hungarian businessman Ruszlan Rahimkulov: Kafijat Zrt. and Greennovatív Kft. The investigation follows reports of massive lending activities conducted without the necessary central bank licenses.

According to business reports, Kafijat Zrt. provided over 127 billion forints in long-term loans last year to companies with which it has no official ownership connection. Additionally, Greennovatív Kft. issued 33 billion forints. The MNB noted that while it investigates cases where regulatory violations are suspected, the specific details of this ongoing inquiry were not explicitly confirmed, though the bank maintains it will take action if evidence of wrongdoing is found.

These financial issues coincide with complications surrounding Rahimkulov’s major real estate development, the Láng Negyed project. The project, which aims to build 2,600 apartments and 80,000 square meters of office space, has lost its priority status and construction has stalled due to the insolvency of the contractor, Bayer Construct. The project has also received significant state support, including a 70 billion forint bond subscription by the Hungarian Development Bank (MFB).