State sec.: EU grants funneled offshore by 276 Hungary-based companies

Telco

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.

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