Global Markets
Home›Global Markets›Europe›Hungary launches probe into BYD investment deal tied t…
Hungary launches probe into BYD investment deal tied to ex-minister job
The investigation will review prior government subsidies, tax breaks, permits, and other state support that Hungary says were linked to BYD while the ex-foreign minister was in office.
Hungary’s government has announced an investigation into a large foreign investment by Chinese electric carmaker BYD that it says was negotiated with the help of Peter Szijjarto, a former foreign minister who resigned from parliament to take an executive role at BYD last week, according to SCMP Economy, citing the Associated Press.
Prime Minister Peter Magyar told lawmakers that Szijjarto helped BYD during his time in office, pointing to public spending and support including what he described as hundreds of billions of forints in taxpayer money, diplomatic backing, and state infrastructure.
Magyar said the probe will examine decisions, negotiations, and state commitments related to the BYD Hungary investment, including subsidies, tax breaks, permits, environmental exemptions, and publicly funded investments provided during the tenure of former Prime Minister Viktor Orban.
The report said neither Szijjarto nor BYD has responded to Magyar’s conflict of interest allegations, and it noted Szijjarto has characterized the new role as a prestigious opportunity tied to the company’s automotive success.