Reported by
Hungarian media tycoon Gyula Balásy broke down in tears in a May television interview, stating authorities had frozen the accounts of his companies, which had received lucrative public relations contracts under the administration of former Prime Minister Viktor Orbán.
Following that admission, the National Investigation Bureau of the Emergency Police released a statement about its investigation into “suspicion of fraudulent misrepresentation in connection with overpriced contracts.” The investigation involves the National Tax and Customs Administration, and has been active since at least April in 2024.
Corporate records obtained by OCCRP and Átlátszó reveal that one of the companies that had its accounts frozen created an offshore firm in 2024, as the investigation was ongoing.
In October 2024, the records show, Balásy’s New Land Media formed a subsidiary in the United Arab Emirates (UAE) city of Dubai.
Balásy also owns a luxury apartment in Dubai, according to property records.
He began the process of buying the apartment for approximately 3.2 million UAE dirhams (roughly $870,000) in May 2023, according to leaked property records obtained as part of the Dubai Unlocked project. The land registry shows that the purchase was officially completed in 2025.
Also in 2025, Hungarian corporate records show that New Land Media provided approximately 1.3 billion forints (nearly $4.2 million) in long-term loans to a subsidiary. New Land Media’s records list only two subsidiaries at the time — the Dubai firm and another based in Hungary. The Hungarian subsidiary’s financial statement for 2025 does not record receiving the loans.
In his response to questions from reporters, Balásy did not clarify whether the funds went to the Dubai subsidiary. The Dubai firm is involved in “Education & Training Computer Software,” according to its UAE business license.
While the investigation into Balásy’s companies is more than two years old, authorities did not freeze the accounts until Orbán was ousted in national elections this April, after 16 years in power. Hungary’s new prime minister, Péter Magyar, has made moves to investigate the misuse of public funds under the previous government.
In a response to questions about the Dubai apartment and the transfer of funds from New Land Media to a subsidiary, Balásy said: “I do not wish to comment on the details of the individual transactions.”
“We are fully cooperating with the competent bodies of the Hungarian state and the investigative authority,” he said. Cooperation has included providing “all requested information and documents.”
“I strongly reject any allegation or suggestion that I have absconded or hidden any assets,” Balásy added.
There is no evidence that the transfer of funds or the purchase of the Dubai apartment were illegal, and the ongoing Hungarian investigation has not resulted in any charges against Balásy.
But Balásy is now facing even more scrutiny. On September 1, Hungarian authorities raided the premises of several of his companies. The action came after Átlátszó revealed that toy vehicles distributed during political campaigns appeared to be overpriced.
Balásy did not respond to a request for comment about the raids.
Hungarian authorities during raids on the premises of several companies owned by Gyula Balásy.
Controversial Campaigns
In April 2024, Hungary’s chief prosecutor revealed that the National Investigation Bureau of the Emergency Police had launched a probe into alleged “misappropriation of funds and other crimes” by firms that received state communication contracts.
Six months later, in October 2024, the same firms under investigation — owned by Balásy — won another major state communications framework agreement worth up to 75 billion forints ($243 million). Balásy’s companies continued to receive Hungarian state contracts until Orbán lost elections.
During Orbán’s tenure, Balásy’s companies won contracts from the National Communications Office for coordinating advertising campaigns, media buying, event organization and public outreach projects for government institutions.
His network of advertising and event-management companies — collectively known as Lounge Group — designed and distributed the government’s political and ideological campaigns for more than a decade. Some campaigns were criticized for vilifying migrants, Ukraine, the European Union, and LGBTQ+ communities, along with American-Hungarian billionaire George Soros.
New Land Media is the unit of Lounge Group that specializes in media planning and buys advertising space across television, radio, print and outdoor billboards. It decided where and how often government ad campaigns would run. Reporting by Átlátszó and other Hungarian media shows it overwhelmingly spent that public money on pro-Orbán media outlets.
New Land Media has served as a main contractor for government communication and state-backed campaigns overseen by the Cabinet Office, which was headed by Antal Rogán and includes the National Communications Office.
The Hungarian police and the National Tax and Customs Administration both said they could not provide further information about ongoing investigations.
Frozen Funds
Last week, Magyar’s administration initiated the National Asset Recovery and Protection Office, which is tasked with investigating the alleged misuse of public funds under Orbán’s government.
Magyar had launched his political career with a 2024 live interview on the YouTube channel Partizán in which he broke with Orbán’s ruling Fidesz party, and lambasted its alleged systemic corruption.
Among his claims in that interview, Magyar said he had quit as CEO of the state-owned student loan center because he refused to continue signing severely overpriced government communication contracts with the Balásy companies.
Balásy has not responded directly to Magyar’s allegations. However, he told OCCRP and Átlátszó: “All transactions between my companies, or between my companies and external parties, have been and are taking place within a strictly controlled, approved legal and financial framework in accordance with the laws in force at all times.”
Setting the scene in 2024 for his future run for prime minister, Magyar vowed to root out what he alleged was cronyism. He also promised to dismantle the state-controlled public media network built by Orbán and his associates, which he called a "propaganda machine.”
Balásy’s companies were central to the Orbán government’s public relations strategy.
In a television interview in May this year, Balásy said Hungarian authorities had frozen bank accounts linked to his companies — including those connected to New Land Media.
A teary-eyed Balásy offered to hand over control of his business empire to the Hungarian state, insisting that he had “nothing to hide” and had done nothing unlawful.
In a Facebook post in response, Magyar appeared to suggest that the action against Balásy's companies was part of a broader effort to dismantle the patronage system built under Orbán. Quoting his 2024 interview, he wrote: "This system could collapse much faster than many people think."
The following day, the National Bureau of Investigation confirmed in a statement that it had frozen company bank accounts as part of an investigation into the alleged misappropriation of public funds and money laundering.
The National Bureau of Investigation said it was also conducting a separate probe based on suspicion of allegedly "overpriced contracts" related to the group of companies.”
It is not known if the Dubai subsidiary, or Balásy’s apartment in the city, are part of the investigation. Balásy declined to clarify whether authorities had questioned him about either.
“I do not wish to comment on the details of my private investments,” Balásy said in his emailed response to questions. “However, I consider it important to state that all my investments — whether in Hungary or abroad — are made in full compliance with the relevant laws and tax regulations.”
The OCCRP Research and Data team contributed research.
