Police investigation into Chamber of Commerce's 9.2 billion forint property purchases
The Budapest Police Headquarters is investigating the Hungarian Chamber of Commerce and Industry's property transactions on suspicion of breach of trust. The chamber president considers the purchases lawful.
Breach of trust investigation: police examine chamber's billion-forint property deals
The Budapest Police Headquarters is investigating the Hungarian Chamber of Commerce and Industry (MKIK) in connection with its property purchases on suspicion of breach of trust, according to 444.hu citing information from HVG. Police have launched proceedings against an unknown perpetrator; suspect interviews have not yet taken place.
The MKIK and its Budapest-based organisation, the Budapest Chamber of Commerce and Industry (BKIK), purchased a total of three properties in recent times for approximately 9.2 billion forints. All three transactions were approved by Nagy Elek, who holds the presidency of both organisations.
Objections to the sales and purchases
Several board members questioned the lawfulness of the purchases. The main objection was that two of the properties in question were acquired by the seller, TP Property Zrt., only shortly before the sale. The company purchased the Pethényi közi headquarters and the property later acquired by BKIK in March 2025, then sold them to the chambers in the same year.
Based on registered mortgages, HVG's estimates suggest the difference between purchase and sale prices could have been as much as one to two billion forints. TP Property's majority shareholder, Ideona Zrt., however, stated that the company's restructuring is still ongoing, so final profit cannot be determined. Detailed financial data were classified as business secrets.
24.hu previously reported that TP Property was owned by private equity funds connected to former economy minister Nagy Márton's brother. Ideona denied that its representatives were in contact with the minister's brother.
Board members also objected to the fact that no separate corporate resolution was passed regarding the exemption of a 9.5 billion forint KAVOSZ dividend spent on purchases, and the transfer of part of the money to a project company.
Nagy Elek: everything was lawful
The MKIK president firmly rejects the criticism. According to him, the supervisory board unanimously approved the headquarters purchase report in early October.
"The entire process was lawful and legitimate, in accordance with the chamber's regulations. Everything took place publicly, with the unanimous approval of the board, and there is no grounds to presume obvious disproportionality in the purchase price," HVG quoted Nagy Elek as saying.
The president added that board members who are currently criticising the deals themselves voted for the purchases, and the board resolution could have been challenged before a court within six months by anyone – however, no one took that step. According to Nagy, the criticism is backed by supporters of the previous chamber president, László Parragh. Parragh previously called Nagy a "white-collar criminal" in an internal letter sent to nearly 200 recipients.
Regarding financial decisions, Nagy Elek highlighted that independent valuers also confirmed that the properties were acquired at market prices. He considers the purchase of the Pethényi közi headquarters economically justified – the chamber previously paid nearly 600 million forints annually in office rent at the Bank Center, so according to their calculations the cost of the new building could be recovered within six to nine years.
Regarding the police proceedings, Nagy stated: "The MKIK's property purchases were entirely lawful and proportionate in value. I had no knowledge and could not have had any knowledge of whether any irregularity occurred before the purchase. The MKIK has not been contacted by police in this matter."
Nagy Elek also confirmed that he will step down as head of the MKIK following the adoption of the new chamber law, which he expects to happen within a few months.
Source: Google News HU — Crime (hu)