Hungary investigates deal with China’s BYD carmaker after ex-foreign minister takes job there
Summary
Hungary’s government is investigating a large deal with Chinese electric carmaker BYD after former Foreign Minister Péter Szijjártó left Parliament to work for the company. The investigation will look into whether Szijjártó used his government position to help BYD receive major public subsidies and other benefits.Key Facts
- Péter Szijjártó resigned from Parliament to take an executive job at BYD, a leading Chinese electric carmaker.
- Hungary’s Prime Minister Péter Magyar announced a probe into decisions made by Szijjártó related to BYD’s investments.
- BYD received hundreds of billions of forints in public money, tax breaks, permits, and other state support while Szijjártó was in office.
- The investigation will review subsidies, tax incentives, environmental exemptions, and infrastructure projects tied to BYD and other multinational firms.
- BYD planned to open its first European factory and research center in Hungary, benefiting from Hungary’s efforts to become a lithium-ion battery manufacturing hub.
- Szijjártó was involved in attracting Chinese companies to invest in Hungary during the administration of former Prime Minister Viktor Orbán.
- The company’s European operations in Hungary helped BYD avoid EU import tariffs on Chinese electric vehicles.
- Neither Szijjártó nor BYD have responded publicly to the conflict of interest allegations so far.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
