Firms that leveraged ties to former Hungarian Prime Minister Viktor Orban to build sprawling empires through large government projects such as sports stadiums and highways must find a new course as the new ruling party moves to stamp out alleged cronyism. | REUTERS
REUTERS
Aug 3, 2026
BUDAPEST/PRAGUE – Hungarian firms and business magnates who leveraged ties to former Hungarian Prime Minister Viktor Orban to build sprawling empires are pivoting to smaller projects as a new ruling party moves to stamp out alleged cronyism.
Reporters spoke to around a dozen former officials, companies and analysts who said billionaires among Orban’s inner circle were rethinking operations under new Prime Minister Peter Magyar, whose election victory in April ended Orban’s 16-year rule. Some firms, analysts said without naming specific companies, would likely not survive in the new era.
“We must and will adapt,” said Sandor Scheer, founder and CEO of Market Epito, one of Hungary’s biggest construction companies. The firm, linked to Orban ally and magnate Istvan Garancsi, has generated a quarter of its revenue from public contracts, including high-profile football stadiums.
In a time of both misinformation and too much information,
quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.
SUBSCRIBE NOW
