MNB funds funnelled through ‘impenetrable’ structure – state audit
Management firm lost “significant amount” of central bank endowment in real estate investment, report finds
A leaked draft report from Hungary’s state audit office says the asset management firm working with a Central Bank of Hungary (MNB) foundation caused it to suffer significant losses and operated through “functionally opaque” structures.
The draft report, originally covered by investigative journalism collective Direkt36 and published by Hungarian publication Telex, says a company called Optima Befektetési Zrt (“Optima Investments”) managed 500 billion forint ($1.36 billion) on behalf of the MNB’s
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