BUDAPEST/PRAGUE šC Hungarian firms and business magnates who leveraged ties to former Hungarian Prime Minister Viktor Orban to build sprawling empires are pivoting to smaller projects as a new ruling party moves to stamp out alleged cronyism.
Reporters spoke to around a dozen former officials, companies and analysts who said billionaires among Orban¡¯s inner circle were rethinking operations under new Prime Minister ?Peter Magyar, whose election victory in April ended Orban¡¯s 16-year rule. Some firms, analysts said without naming specific companies, would likely not survive in the new era.
¡°We ?must ?and will adapt,¡± said Sandor Scheer, founder and CEO?of Market Epito, one of Hungary¡¯s biggest construction companies. The firm, ?linked to Orban ally and magnate Istvan Garancsi, has generated a quarter of its revenue from public contracts, including high-profile football stadiums.
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