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National Bank Scandal: ‘We Nurtured a Snake in Our Bosom with Matolcsy Family’, Say Fidesz Sources

• 17 Mar 2025 7:01 AM
• Hungary Around the Clock

Ádám Matolcsy, son of the former MNB governor György Matolcsy, used the pseudonym Petra Kovács in corresponding with dozens of company executives regarding the affairs of Quartz Asset Manager, Polish company GTC and Switzerland’s Ultima Capital, the three companies to which, through many steps, the assets that belonged to the many MNB foundations set up by Matolcsy senior were transferred, Válasz Online reports.

The website reports that a small business circle has been treating MNB assets as their own.

These assets are part of the hundreds of billions of forints which famously “lost their character as public money” when Matolcsy used them to set up the Pallas Athena and related foundations in 2015-16.

The team hiding behind the above-mentioned private equity funds recently went so far as to virtually deny new MNB governor Mihály Varga access to these hundreds of billions of forints.

“Today”, Válasz Online writes, “even our Fidesz sources are saying: ‘we really nurtured a snake in our bosom with the Matolcsy family’.”

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