Category Archives: Downtown billions

The cost of the MNB’s new prestige investment, given to a friend of Matolcsy’s son, has been very high

Szőke Dániel 2022.04.29.

The bank headed by György Matolcsy has spent tens of billions of public money on the renovation of the Postal Palace without knowing much about the background of the project. According to an internal report, the work was beautiful, but “it did not meet the criteria of austerity”.

An internal document reveals a problematic real estate transaction financed by Hungary’s state bank

Szabó András 2020.09.09.

According to an internal document obtained by Direkt36 the state-owned Eximbank identified several risks related to a Budapest real estate development project. Nevertheless, it decided to financially support it with a loan worth millions of euros.

Police gave up hope of finding perpetrator in Budapest construction crime

Pethő András 2017.08.22. 1 Comment

The police started its investigation after Direkt36 had exposed that the construction project was given to a company that provided false references in the bidding process.

The minister had done official business with them, now his wife rents an office from their partner

Wirth Zsuzsanna 2017.03.29.

Cecília Rogán chose to rent an office for her company from a businessman close to two hotel investors. Her husband, the minister used to have good official connections to them.

New trial ordered in Budapest downtown corruption case

Pethő András 2017.02.08. 2 Comments

One of the defendants is the former notary of Budapest’s District 5.

Police Investigate Public Contract Won Through False Claims

Pethő András 2016.11.24.

The municipality hired again the company, which won a previous tender through false claims.

Company Wins Major Public Contract Through False Claims

Pethő András, Jimena Abad 2016.10.10. 1 Comment

The company needed to show that they had done similar construction in the past so they brought a reference from Uruguay. But it was a lie.

Former notary and entrepreneur acquitted in corruption case

Pethő András 2016.06.02.

The court cited the lack of evidence as the reason for its ruling.

Tapped phone calls reveal new details of the corruption case in Central Budapest

Pethő András 2016.05.31. 2 Comments

The phone calls played in court show the extraordinarily close relationship between two defendants of the corruption trial, a former notary and a businessman.

Notary and businessman became extremely close, corruption trial reveals

Pethő András 2016.03.11.

The trial of the alleged District 5 corruption cases has started with the testimonies of the defendants. What emerged is a story of how a businessman with a wide network of contacts built an extremely close relationship with one of the most senior public officials of the district.

A corruption investigation has been shrouded in secrecy. Now here is what happened

Pethő András 2015.07.09.

In district five of Budapest, arranging a restaurant licence cost 1.5 million forints in bribes, according to the prosecutors. One of the suspects is a businessman whose company had received lucrative contracts from the municipality.

2014 was a prosperous year for 5th district’s mysterious entrepreneur

Pethő András 2015.05.27.

Profits nearly tripled for the construction company that has been awarded lucrative contracts by the 5th district while its owner keeps working in a hotel as an employee.

Mystery Entrepreneur: His Company Is Flush With State Money, Yet He Keeps Working as a Hotel Employee

Pethő András 2015.05.06.

The company received most of its contracts from Budapest 5th district, during the mayoral term of prominent government politician, Antal Rogán. Direkt36’s investigation also revealed that the firm has several links to a businessman who had close business relationship with the district in the past.