Heti Válasz: Film mogul Andy Vajna optimizing taxes through Nevada tax haven

History

Andy Vajna, government commissioner in charge of the Hungarian film industry, allegedly built his empire by transferring profits from his Casino concessions and most funds acquired in Hungary to an offshore company, according to the cover story of the print edition of Hungarian weekly Heti Válasz, which published the story yesterday.

The weekly was once part of the pro-FIDESZ media machine until the fallout between Prime Minister Viktor Orbán and media mogul Lajos Simicska, the owner of the publication. Vajna, producer of roughly two dozen Hollywood films, including "Rambo" and some of the "Terminator" films, now works for the Hungarian government and is charged with promoting Hungarian films.

Instrumental in the building of a government friendly media empire, Vajna also recently won five casino concessions, beating out Hungarian gambling service provider Szerencsejáték Zrt. The Vajna empire is reportedly controlled through AV Investments Kft., which transfers 99% of its revenue, up to $2 mln a year to Cibergi Pictures Entertainment, a company incorporated in the state of Nevada, which is considered a tax haven, according to Heti Válasz.

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