From now on, Márton Nagy supervises major foreign investments in Hungary
It came out on Friday night government decree It applies to 25 strategic sectors, especially the energy industry, transport and communication, but in addition to economic sectors, the list also includes healthcare and education.
All kinds of foreign acquisitions, capital increases, company transformations, bond issues, must be reported to the minister. if the total value reaches HUF 350 million or it is a large transaction, or a certain quantitative ratio from topics.
The Minister may prohibit the transaction,
- if there is “harm or danger to the state interest, public security, public order of Hungary, or the possibility of their occurrence”,
- if the reporting party “is not directly or indirectly controlled by a government not belonging to the European Union – including state bodies or armed forces – either through its ownership structure or significant financing”,
- furthermore, if the whistleblower “has been involved in any activities of the European Union that threaten security or public order, or there is a serious risk that the whistleblower will engage in legal activities”.
The ban must be justified, but the justification cannot contain classified, i.e. secret, information. Administrative non-litigation proceedings can be initiated against him at the Capital District Court. The decree is already in effect from Saturday and applies to transactions that take place after that.
Cover image source: Portfolio