Foundations funded by the Central Bank of Hungary (MNB)
last week lost their right to keep details of their spending secret. It
turned our that public money had been poured into book publishers,
researchers and a media company owned by relative of the bank governor
György Matolcsy, a long-time ally of the Hungarian PM. But the only
casualties of the story so far have been journalists.
What happened?
The Central Bank of Hungary has started six foundations since 2010. Their stated aim was to promote educational programmes. More detailed questions about their exact purpose were deflected on the grounds that the money was handled by a private foundation instead of a national body.
That was until last week, when the Hungarian Constitutional Court struck down a law that would have restricted financial scrutiny of the foundations, forcing them to publish hundreds of contracts. They didn’t publish everything but they were forced to reveal contracts over 5 million forints (16 000 EUR). The redacted documents reveal the purpose of the spending but still not those benefiting.
Click here for the full article.
Source: Euronews
What happened?
The Central Bank of Hungary has started six foundations since 2010. Their stated aim was to promote educational programmes. More detailed questions about their exact purpose were deflected on the grounds that the money was handled by a private foundation instead of a national body.
That was until last week, when the Hungarian Constitutional Court struck down a law that would have restricted financial scrutiny of the foundations, forcing them to publish hundreds of contracts. They didn’t publish everything but they were forced to reveal contracts over 5 million forints (16 000 EUR). The redacted documents reveal the purpose of the spending but still not those benefiting.
Click here for the full article.
Source: Euronews
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