Former National Bank of Hungary Governor’s Son Suspected of Running Private Equity Empire Under Alias
The National Bank of Hungary has announced a thorough investigation into the management of public funds during the previous leadership. The probe was launched after Mihály Varga became the governor and is focusing on contentious financial transactions, including alleged mismanagement connected to Ádám Matolcsy, the son of former central bank chief György Matolcsy.
According to Portfolio, the investigation by the National Bank of Hungary is looking into the Pallas Athéné Domus Meriti Foundation and its asset management firm, Optima Ltd. The inquiry is examining financial transactions and real estate dealings involving public funds in recent years. The State Audit Office of Hungary is also involved in the investigation, which has led to leadership changes within the foundation and Optima Ltd. The new leadership of the MNB aims to improve transparency and strengthen good governance.
Furthermore, Válasz Online reports that the investigation was prompted by a controversial transfer of Optima Investment Fund Management Ltd. to the Central European III Private Equity Fund before Varga assumed office. This fund is affiliated with Quartz Investment Fund Management, which is owned by István Száraz, a close associate of Ádám Matolcsy. Allegations suggest that a small group has been using MNB’s assets for personal gain by channeling them through private equity funds. It has also been revealed that Ádám Matolcsy may have been operating under a false name to influence financial transactions. These revelations have raised political tensions, with even government insiders acknowledging the mismanagement during Matolcsy’s term.
The new leadership of the MNB is facing pressure to address the allegations and may consider legal action to regain control of lost assets. Criticism has been directed at the recent transfer of central bank funds to private entities, including GTC in Warsaw and Ultima Capital SA in Switzerland. Fidesz members warn that mishandling the scandal could impact the party’s standing before elections. The outcome of the investigation could have significant implications for the implicated individuals and the future governance of the National Bank of Hungary.
In another development, 444 has reported that Ádám Matolcsy has confirmed his appearance in Netflix’s “Drive to Survive” series after initial uncertainty about his involvement. He clarified that he attended a Formula 1 race in 2017 but did not stay at the Hotel Hermitage, where he was recently seen in footage from the 2024 Monaco Grand Prix. Despite appearing in the series, Matolcsy claims he did not authorize the use of his image. The Hotel Hermitage, known for its luxury accommodations, offers rooms during the Grand Prix weekend for prices reaching up to EUR 22,000 for a four-night stay.
