Hungarian oligarchs found behind profitable offshore gas agreement

According to anonymously published documents, MET Zrt gained a huge, 50 billion HUF profit, supposedly by its contracts with state-fund MVM Partner Energy Trading Ltd in 2012. MET Zrt is owned by MET Holding AG, based in Switzerland. The latter has 3 owners: the Hungarian state oil company MOL Nyrt, the Swiss Met Manco AG and the Cyprus-based RP Explorer Liquid Fund Ltd.

RP Explorer Liquid Fund Ltd. is owned by three entities and its directors are György Nagy, Jan Kridla and Peter Olden. Nagy is the owner of Hungarian Ho-Me 2000 Kft, which owns the Cyprus-based Westbay Holding Ltd. Westbay is the 30% shareowner of RP Explorer. As founder of Wallis, Nagy was a colleague of Gordon Bajnai, former prime minister of Hungary during the Socialist Party’s (MSZP) government. Bajnai is the current leader of Együtt 2014, which takes part in the oppositional alliance to run against Fidesz on the elections.

Another Cyprus-based company, Inather Trading owns a 20% share in RP Explorer. Inather Trading’s sole owner is Futball Invest 2007 Sportszolgáltató Zrt which belongs to István Garancsi, good friend of Viktor Orbán (current Prime Minister and president of Fidesz).

RP Explorer’s other owners are Small Valley Investment Ltd based in the British-Virgin Islands and the Swiss Deneb Algedi Invest AG with a 30 and 20% share. RP Capital Partners Cayman Islands Ltd. has only 1 EUR from RP Explorer’s 991 EUR capital.

Last year Fidesz criticized Gordon Bajnai for the property lease that his foundation pays for Nagy. Garancsi, owner of Orbán’s favourite football team Videoton is also behind Duna Takarék, the only savings cooperative which was not affected by last year’s nationalizations.

The original article was published on 28th January 2014 in Hungarian.