Life after Orban: Hungary Inc. digs in as new political era takes hold
Former officials, companies and analysts said billionaires among former Prime Minister Viktor Orban's inner circle were rethinking operations under new leader Peter Magyar.
BUDAPEST/PRAGUE - Hungarian firms and business magnates who built vast empires through connections to former Prime Minister Viktor Orban are now shifting focus to smaller projects as the new ruling party aims to eradicate alleged favoritism. Interviews with multiple former officials, companies, and analysts suggest that billionaires once close to Orban are reconsidering their strategies under Prime Minister Peter Magyar, who won April's election and broke Orban's 16-year grip on power.
Some businesses may struggle under the new regime, according to analysts who declined to name specific companies. Sandor Scheer, CEO of Market Epito, a leading construction firm tied to Orban ally Istvan Garancsi, stated, "We must and will adapt." Market Epito has earned a quarter of its revenue from public contracts, including notable football stadium projects.
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