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Foundations Set Up By Gov't Get Multi Billion Forint Dividends

• 26 Apr 2023 5:59 AM
• Hungary Around the Clock

Foundations set up in recent years by the government and endowed with considerable state shareholdings and other assets will receive Ft 91 billion in total from dividends to be paid by MOL and Richter on 2022 profits, website 24 reports.

The Mathias Corvinus Collegium (MCC) “for the Fidesz elite”, as Telex describes it, and the Maecenas Universitatis Corvini Foundation (MUC), which operates the Corvinus University, will each receive Ft 36 billion.

The MOL–New Europe Foundation will get Ft 15 billion, and the Health and Medical Education Foundation, which maintains Semmelweis University, can receive Ft 3.8 billion.

The two biggest beneficiaries are the MCC, whose board of trustees is chaired by Balázs Orbán, the prime minister’s political director, and the MUC, led by MOL chairman and CEO Zsolt Hernádi.

The state donated 10% stakes in both MOL and Richter to each of these foundations, worth Ft 574 billion at the time.

Now, they will each receive Ft 28.7 billion from MOL and Ft 7.3 billion from Richter.

MTI Photo

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