Real estate shopping spree of intermediary in Orbán gov’t advertising deals revealed

An intermediary formerly profiting from government advertising deals financed numerous real estate acquisitions. One building was rented for the government agency funding the deals.

An investigation by Átlátszó has uncovered evidence of potential systemic corruption within Hungary’s state communication apparatus, revealing a self-referential financial loop where public advertising funds were funneled through an obscure intermediary by way of potentially heavily inflated advertising contracts, and ultimately used to purchase real estate – including the office building now leased back to house the state advertising authority itself.

The scheme centered on Digital Minds Kft., a small production company run by former television executives with ties to the informal business network of former minister Antal Rogán, and his former wife Cecília Rogán-Szendrei.

Between 2021 and 2024, despite possessing no media inventory or major industry infrastructure of its own, the firm was unexpectedly inserted into the state procurement chain for government advertising campaigns.

Digital Minds absorbed more than 14 billion HUF from state contracts awarded by the National Communication Office (NKOH).

One document showing Digital Minds Kft. featured as an intermediary selling advertising space for several television channels. Source: Cabinet Office of the Prime Minister

Documents acquired by Atlatszo show that the company resold advertising slots on major television networks like TV2 back to the primary state contractor at massive markups, shown to be possibly ranging from 75 to 450 percent.

Atlatszo originally requested these documents under a freedom of information request in 2024, and sued the Cabinet Office of the Prime Minister – Rogán’s former office wich exercised control over the NKOH – upon the initial rejection of the request. After several courts ruling in Atlatszo’s favour, the documents were handed over in July 2026.

Digital Minds generated over 52 billion HUF (141 million EUR) in revenue and accumulated 10.3 billion HUF in net profit over the same four years. Atlatszo’s review of a company log of accounts receivables and debts outstanding suggests the primary source of profit at the company was the government advertising deal.

The building at Sas street 20 in Budapest. Photo: Marton Sarkadi Nagy

Rather than simply paying out all profits to its founders, Digital Minds Kft. funneled billions into real estate investments and corporate spinoffs. Most notably, Digital Minds issued a HUF 2.61 billion long-term loan to a separate entity, Bolston Holding Zrt., whose subsidiary, Castor Lake Zrt.,

used the capital to purchase a prime office building at Sas street 20 in central Budapest for 1.89 billion HUF (5,1 million EUR).

In September 2023, the Hungarian National Asset Management Inc. (MNV Zrt.) signed a HUF 1.52 billion lease agreement for the Sas Street property to house the Cabinet Office of the Prime Minister and serve as the official new headquarters for the NKOH—effectively using public funds to rent an office building purchased with inflated state advertising money.

A similar pattern emerged with another corporate spinoff from Digital Minds, which acquired an office space in the Budapest neighborhood Újpest that was promptly rented to a newly appointed court bailiff.

Further real estate acquistions financed by Digital Minds Kft. included a former holiday resort owned by the company Rába near lake Balaton, and another resort area – formerly belonging to the state gambling monopoly – in Leányfalu near the Danube.

Some property-holding entities were sold in mid-2024 to Prime Reál Magántőkealap,

a private equity fund whose ultimate beneficial owners remain undisclosed to the public.

Key figures named in the investigation, including representatives for Digital Minds and former minister Antal Rogán, declined to comment on the arrangement.

Freshly appointed president of the NKOH Ákos Bajorfi wrote in an email to Atlatszo that decisions pertaining to the former operations of his office were subject to an ongoing review.

Written and translated by Márton Sarkadi Nagy. Mihaly Molnar contributed reporting. The original Hungarian version can be found here. Cover photo taken of the entrance of the NKOH at Sas utca 20 by Marton Sarkadi Nagy.