Oppressed premier s wealth grows tenfold

One of the most vocal opposition politicians, former Socialist Prime Minister Ferenc Gyurcsany, is able to withdraw increasing amounts of money from his holding company.

POLITICS JULY 29. 2020 17:05

Ferenc Gyurcsany, now in his 60s, served as Hungary s prime minister between 2004 and 2009 as a member of the Hungarian Socialist Party (MSZP). In April 2009, after a vote of no-confidence, he was replaced by his elected successor PM Gordon Bajnai. Although Gyurcsany also resigned as Hungarian Socialist Party chief, he became an elected MP in 2010, after the parliamentary elections, from the Socialists party list. On 22 October, 2011 he formed his own party called Democratic Coalition (DK), joined by an additional nine MPs who had quit the ranks of the Hungarian Socislists parliamentary faction. Their goal was to establish a group of independent lawmakers, which was prevented by the House Rules, so DK President Gyurcsany continued his political career as an independent representative.

The political activity of Hungary s failed former premier has, over the past few years, focused on launching constant attacks against the Hungarian government, accusing it of running a dictatorial regime.

Diktatúra, sokan azt mondják, ez egy kemény szó. Hölgyeim és Uraim, nem a szó kemény, hanem az élet kemény Magyarországon. ????????????????

Posted by Gyurcsány Ferenc on Wednesday, September 26, 2018

Ferenc Gyurcsany is known to be a wealthy man, and despite being oppressed during the past ten years, he has managed to increase his fortune at least tenfold.

The ex-prime minister s asset declaration reveals that his total income stood at 103 million forints (296,553 euros at today s exchange rate) in 2009.

In 2011, he had a gross earning of 69.5 million forints (200,101 euros at today s exchange rate) in ownership dividends through Altus Investment Zrt.

In 2012, he earned a gross amount of 88 million forints (253,365 euros at today s exchange rate) in ownership dividends through Altus Investment Zrt.

In 2013, he earned 78.9 million forints before taxation (227,165 euros at today s exchange rate) in ownership dividends through Altus Investment Zrt.

In 2014, he had a gross earning of 168.6 million forints (485,425 euros at today s exchange rate) in ownership dividends through Altus Investment Zrt.

In 2015, he produced a pre-tax earning a 16 million forints (46,066 euros at the current exchange rate) as an ownership dividend through Altus Investment Zrt. In addition, he pocketed a gross sum of 58 million forints (167,030 euros at today s exchange rate) through Altus Portfolio Zrt.

In 2016, he made a gross sum of 1.1 billion forints (3,167,822 euros) in the form of shareholder dividends through Altus Portfolio Zrt.

In 2017, he earned a gross amount of 227.9 million forints (656,315 euros) in ownership dividends through Altus Portfolio Zrt. In addition, he also included a portfolio of 605 million forints (1,741,894 euros) in shares to his asset declaration that year.

In 2018, he earned a gross sum of 298 million forints (857,991 euros) withdrawing retained earnings from Altus Portfolio Zrt. At this point, the value of his securities portfolio exceeded 659 million forints (1,897,369 euros).

In 2019, he earned a gross amount of 238.3 million forints (686,105 euros) withdrawing retained earnings through Altus Portfolio Zrt. Then, the value of his securities portfolio exceeded 734.7 million forints (2,115,322 euros).

It is worth mentioning that Altus had various business interests in Brussels. Acting as part of a consortium, Altus Portfolio Kft – the family company of Hungary s former premier – won a tender worth 1,5 billion forints in 2015 to examine the usage of development funds in the EU.

POLITICS

Tags:

dictatorship, ferenc gyurcsany, Hungary, wealth