.jpg)
1 hour ago
3
Article content
(Bloomberg) — Hungary set up a powerful new agency that’s tasked with recovering misappropriated public funds, primarily those under Viktor Orban’s 16-year rule.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Lawmakers approved the creation of the National Asset Recovery Agency in a vote on Tuesday, fulfilling one of Prime Minister Peter Magyar’s key anti-corruption pledges after a landslide election win in April.
Article content
Article content
The agency will be the linchpin of the new government’s efforts to hold to account former officials under the Orban era. That period saw Hungary plunge to last place in the European Union in Transparency International’s annual graft-perception index, prompting the EU to suspend billions of euros in funding on corruption concerns.
Article content
Article content
Unlike anti-corruption agencies elsewhere in Europe, the new Hungarian authority combines powers normally split between prosecutors, police, financial investigators and civil litigators. Among its broadest powers are the right to take over other agencies’ corruption probes, access confidential financial data and impose fines of as much as 5 billion forints ($16 million) for obstruction.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The agency will have the power to investigate crimes, prosecute suspects, pursue civil claims to recover assets and even to temporarily take control of companies suspected of holding improperly obtained public wealth.
Article content
Numerous conglomerates helmed by Orban’s allies grew out of thin air over the last decade of the nationalist leader’s rule, often becoming some of Hungary’s largest companies in areas as diverse as banking, energy, construction and tourism.
Article content
Magyar has compared his government’s efforts to free Hungary from Orban’s influence to Italy’s fight to rid itself of the mafia.
Article content
Advertisement 1
English (US)