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German & Austrian Companies Complain of Growing Pressure From Hungarian Authorities

• 30 Aug 2024 5:33 PM
• Budapest Business Journal

According to a report from Le Monde, increasing numbers of investors are voicing concerns over what they perceive as expropriation attempts by Prime Minister Viktor Orbán's government.

In March, Hans K. Reisch, heir and owner of the Austrian branch of the Spar supermarket chain, criticized the Hungarian authorities for “harassment” of his subsidiary, which operates more than 600 stores in the country.

In an interview with the German retail trade magazine Lebensmittel Zeitung, Reisch alleged that a close associate of Prime Minister Viktor Orbán was attempting to “appropriate [his] company.”

Growing Dissatisfaction?

The Austrian supermarket chain’s experience is not unique in Hungary, the article notes.

The report claims that over the past two years, discontent has been mounting among German and Austrian investors in Hungary. Both nations are among Hungary’s biggest foreign investors.

Philipp Haussmann, vice president of the German association of companies active in Eastern Europe, expressed his concerns to Le Monde, stating, “There’s a system designed to benefit companies that are well-connected” with the authorities.

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• Companies Pressure Hungarian Authorities

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.

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