Orban’s son-in-law made a large sum from his father-in-law’s defeat in the Hungarian elections: details
фото: Reuters
Equilor Asset Management, an investment fund controlled by the son-in-law of the Hungarian Prime Minister, Istvan Tiborc, has bet on Viktor Orban’s defeat in the election. After the victory of oppositionist Peter Magyar, Hungarian financial markets showed a rapid growth.
This is reported by Bloomberg .
According to journalists, the fund prepared in advance for the change of power and invested in government bonds, and on the eve of the elections on April 12, it also increased its investments in stocks.
It is noted that Equilor Asset Management manages assets worth 500 billion forints, which is about $1.6 billion.
Markets began reacting to a possible change of power even before the election, as investors expected improved relations between Budapest and Brussels if the opposition won, which could reportedly pave the way for the release of previously frozen European Union funding.
Against the backdrop of these expectations, investors actively bought government bonds, which led to a decrease in their yields after the peak on March 24. After it became clear that Peter Magyar was in the lead, the BUX stock index began to grow.
It has grown by 12% since the beginning of April, and by 15.5% immediately after the elections, which is a record. Istvan Tiborc, who is the husband of Viktor Orbán’s daughter, is among the richest people in Hungary.
His fortune is estimated at around $700 million, making him the 13th richest person in the country.
His business structures reportedly include real estate, the hotel sector, and financial and insurance services. Despite criticism of his ties to the government, Tiborc’s foundation has benefited from the political changes in the country.
As a reminder, Hungarian Prime Minister Viktor Orban commented on the defeat of his Fidesz party in the parliamentary elections held on April 12. He acknowledged the massive failure and said that he takes full responsibility for the result. Viktor Orban said in an interview that the election result came as a surprise to him , as he was confident of victory before the vote.
Meanwhile, the winner of Hungary’s parliamentary elections, Peter Magyar, has announced the date of his inauguration as prime minister. He said the official swearing-in ceremony will take place on May 9. On the same day, Magyar’s team will hold a public event in central Budapest.
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