Useful journalism to understand, manage and grow a business.
SearchThe Budapest court has ordered one month of preventive detention against the former Governor of the Hungarian National Bank, György Matolcsy, and two other suspects. The decision is based on the risk of flight and the severity of estimated losses amounting to hundreds of millions of euros, in a case investigating the use of public funds in foundations linked to his family.
The Budai Központi Kerületi Bíróság (Central Court of the Buda District) has ordered preventive detention for a period of one month for György Matolcsy, former Governor of the Hungarian National Bank (MNB), as well as for two other suspects: Valkó Mihály, a representative who acted in the contracting of a loan, and Sándor Tamás, a lawyer who participated in a securities operation. The judicial decision was made on October 23, 2026, following Matolcsy's initial detention on October 21.
According to the spokesperson for the Budapest City Court, Madarasi Anna, the court considered the risks of flight, concealment, influence on the proceedings, and recidivism to be well-founded. The judiciary determined that there was no possibility of applying less restrictive precautionary measures, citing the severity of the losses caused to the public treasury and the lack of doubt regarding the existence of a serious crime.
Hungarian authorities charge Matolcsy with the crime of economic fraud causing significant patrimonial damage and the crime of use of false private documents. His lawyer, Pál Bátki, confirmed that his client is a suspect in these charges, which allegedly caused "significant economic losses." Both Matolcsy and the other two accused refused to make a statement during the interrogation.
The case focuses on the management of central bank funds, specifically in the renovation of the institution's headquarters and in a series of real estate investments made by foundations funded by the MNB. The investigation also includes Optima Investment, an asset manager created by the central bank under Matolcsy's direction in 2014. In May 2026, the Prosecutor's Office and the police seized funds and securities worth approximately 92 billion forints (equivalent to 251.8 million euros) as part of an investigation into money laundering.
Matolcsy's detention occurs in a context of government change in Hungary. Péter Magyar, the current Prime Minister, defeated Viktor Orbán in the April elections. Magyar has confirmed Matolcsy's custody and has promoted a parliamentary committee to thoroughly investigate the management of the issuing institute during Orbán's 16 consecutive years in office.
The case dates back to 2025, when the State Audit Office began investigating possible irregularities. A report from that office raised doubts about the investments made by foundations controlled by Matolcsy and by his asset management company. The complaints point to alleged links between Optima's investment network and Matolcsy's son, Ádám Matolcsy, as well as the personal enrichment of several relatives of the former Governor.
Matolcsy, who held the position of MNB Governor for 12 years until March 2025, was also Minister of Economy on two occasions (2000-2002 and 2010-2013). He belongs to the political and economic elite close to Orbán, known in Hungary as NER, which, according to local media and academics, colonized state institutions during the previous government stage.
Apollo Go began testing its RT6 vehicles in Brent alongside Freenow, the Lyft platform. Commercial service is targeted for 2027, but depends on regulatory approvals.
Read story
Hilton shares will stop trading on the New York Stock Exchange after the close on November 4, 2026, and begin trading on Nasdaq the following morning. The company says shareholders do not need to take any action and that the move does not change its strategy.
Read story
The IGAE rose 3.5% year over year on a seasonally adjusted basis, driven by construction, manufacturing and wholesale trade. The result improves the short-term outlook, although slower growth in services and weakness in some activities point to an uneven picture.
Read story