State sec.: EU grants funneled offshore by 276 Hungary-based companies
The Prime Minister’s Office expects that dozens of court cases will result from a government crackdown on Hungary-based businesses which siphoned off European Union grant money through offshore companies, deputy state secretary Nándor Csepreghy informed daily newspaper Magyar Nemzet on the weekend.
In a targeted review, the government has thus far already found 276 companies who funneled EU grants to offshore companies, according to Csepreghy. These entities are now entitled to repay the funds in full, though the fining may be appealed in a court of law. Csepreghy stated that some 2,000 companies remained under scrutiny for possible similar activity.
Csepreghy informed national news service MTI earlier that repayments from the 276 companies are expected to total between HUF 15 billion and HUF 20 billion including interest.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.