Hungary Probes BYD Deal After Ex-Minister Joins Chinese Carmaker
The Hungarian government initiated an investigation into the significant investments made by Chinese electric vehicle manufacturer BYD on Monday. This inquiry follows the departure of Peter Szijjarto, the former foreign minister, from parliament to accept a role with the company, which he disclosed last Wednesday. His previous involvement in securing substantial government funding for BYD has sparked concerns regarding potential conflicts of interest. Prime Minister Peter Magyar noted that Szijjarto played a key role in facilitating access to extensive public funding and resources for the firm. The investigation will scrutinize various aspects of BYD's financial dealings in Hungary.
Key facts
- Hungary’s government announced an investigation on Monday into a BYD investment.
- Former foreign minister Peter Szijjarto resigned from parliament to take an executive job at BYD.
- Szijjarto’s announcement last Wednesday prompted conflict of interest accusations.
- Prime Minister Peter Magyar said Szijjarto helped BYD with public money, diplomatic support, and state infrastructure.
- The investigation will examine subsidies, tax breaks, permits, environmental exemptions, and public investments.
- Magyar questioned who made decisions and what warnings were ignored.
- Neither Szijjarto nor BYD has responded to the allegations.
- Szijjarto called the job a 'prestigious' opportunity in the automotive industry.
Entities
Institutions
- BYD
- Hungary's government
- Hungarian parliament
Locations
- Hungary