Hungarian authorities have detained former central bank governor György Matolcsy and issued international arrest warrants for his son, Ádám Matolcsy, and business associate György Stofa as part of a corruption probe targeting allies of ex-Prime Minister Viktor Orbán.
Prosecutors allege Matolcsy and others attempted to transfer control of assets linked to the National Bank of Hungary’s foundations through a securities-lending agreement signed in February 2025. The deal, involving the PADME Foundation and entities tied to the Matolcsy family, sought to shift ownership of an asset manager overseeing nearly HUF 200 billion (€547 million) in assets, according to the Central Investigative Prosecutor’s Office. Authorities claim the arrangement was designed to maintain the Matolcsys’ influence after the elder Matolcsy left office.
Matolcsy was questioned for hours on Wednesday but did not provide a statement, his lawyer, Pál Bátki, said. Prosecutors have requested his pre-trial detention, with a judge expected to rule on the request. Two other individuals have been detained in the case, while international arrest warrants were issued for Ádám Matolcsy and Stofa, according to the police website.
The investigation follows Prime Minister Péter Magyar’s pledge to hold former officials accountable for alleged corruption under Orbán’s administration. Magyar’s government has established a National Asset Recovery and Protection Office to pursue cases of misused public funds, and he has applied to join the European Public Prosecutor’s Office, which investigates EU-funded crimes. In an interview with The Associated Press, Magyar emphasized the need for due process, stating, “The Hungarian people obviously want to see results in holding those responsible accountable, punishing them and recovering stolen property.”
Prosecutors have not yet determined the precise financial damage but stated it exceeds HUF 500 million (€1.35 million), the threshold for particularly significant economic harm under Hungarian law. The case centers on a February 28, 2025, agreement that would have transferred control of the PADME Foundation’s assets to a private equity fund linked to the Matolcsy family, according to investigative reports. The contract was later reversed by Matolcsy’s successor, Mihály Varga.
