The missing billions of the Central Bank’s foundation: ten years is the guideline sentence for criminal organisations

BENKO VIVIEN CHER / MINISZTERELNÖKI SAJTÓIRODA / MTI

2025. 04. 22. 11:12

BENKO VIVIEN CHER / MINISZTERELNÖKI SAJTÓIRODA / MTI

According to a report by the State Audit Office (ÁSZ), a substantial portion of the wealth held by the Hungarian National Bank’s (MNB) foundations has disappeared. The police have launched an investigation against an unknown perpetrator on suspicion of mismanagement. With former Central Bank chief András Simor and Miklós Ligeti, legal director of Transparency International, we examined who could be held responsible at each level within the complex asset management network.

HUF 500 billion: this is the estimated value of the assets managed within the rather opaque network — comprising companies, private equity funds, as well as asset management firms — organised around the Central Bank’s Pallas Athéné Domus Meriti Foundation (PADME). Within this substantial fortune, public funds amounted up to HUF 407 billion, of which a sum of 200 billion has been lost, according to the State Audit Office. As we reported in a previous article, the bulk of these assets was invested in two large foreign real estate companies. The losses stemmed from a significant drop in the market value of these shares, which are also difficult to sell right now.

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