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[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 3 sources · 8 days · First seen · Last updated

Hungarian financial and state aid scrutiny

Overview

The Hungarian National Bank (MNB) has initiated a market supervision investigation into two companies owned by Ruszlan Rahimkulov, Kafijat Zrt. and Greennovatív Kft. The inquiry follows reports that these entities engaged in massive lending activities, totaling over 160 billion forints, without the required central bank licenses.

These regulatory concerns occur alongside difficulties facing Rahimkulov’s Láng Negyed real estate project, which has stalled due to contractor insolvency despite receiving 70 billion forints in state support via the Hungarian Development Bank (MFB).

In a separate matter of scrutiny, businessman István Tiborcz and his BDPST Group are facing questions regarding 3.9 billion forints in state aid allocated for the Grandhotel Galya development. Additionally, Pólus Kereskedelmi Pénzügyi és Szolgáltató Kft. is under observation due to its reliance on state export credits from Eximbank to fund construction and medical equipment exports to Russia, with projects valued at approximately 12 billion forints.

Entities

Greennovatív Kft. · BDPST Group · Ruszlan Rahimkulov · Magyar Nemzeti Bank · István Tiborcz

Timeline

  1. [BUSINESS] 3 sources
    Hungarian business and export credit controversies

    Reports highlight scrutiny over Hungarian businessman István Tiborcz’s state-funded hotel projects and Pólus Kft.’s significant export credit exposure to Russia via Eximbank.

  2. [BUSINESS] 6 sources
    Magyar Nemzeti Bank investigates Ruszlan Rahimkulov's companies

    The Hungarian National Bank is investigating Ruszlan Rahimkulov’s companies, Kafijat Zrt. and Greennovatív Kft., over massive unlicensed lending activities totaling over 160 billion forints.

Sources

divatikon.hu · g7.hu · kontroll.hu