Shocking figures: HUF 270 billion has vanished from MNB foundation assets

According to the recently published reports of the foundation and its asset manager, Optima Zrt., the situation is extremely serious. István Hegedüs, the new asset manager, told the Hungarian news site that the first task of the leadership that took office in March was to uncover the actual financial situation.

The difference between the market value at that time and the nominal value of the invested assets is the loss of wealth, which amounts to HUF 270 billion,

stated István Hegedüs. The foundation's initial assets were HUF 266 billion, which was public money received from the MNB. Of this, HUF 1-2 billion annually was spent on their original purpose of building financial literacy, while the rest was invested.

The new leadership hopes that as a result of the investigation, they will ultimately be able to fully satisfy the claims of both main creditors. Whether anything will remain for PADME largely depends on how successfully they can sell the remaining assets in the coming years. It doesn't help that the corporate network connected to PADME is so complex both in Hungary and abroad that investigative authorities will have a very difficult time if they want to untangle it. "We are certainly not talking about just one or two years," the manager stated.

There are some positive aspects as well:

If we add everything up, Optima has freed itself from HUF 103 billion in liabilities this year, and there is no longer a threat of insolvency anywhere in the group,

added István Hegedüs.

 Cover photo (for illustration purposes only): Getty Images