Page 34 - bne IntelliNews magazine February 2025

34 I Central Europe bne February 2025
PROFILE
Lorinc Meszaros, Hungary's most powerful oligarch
Tamas Csonka in Budapest
Lorinc Meszaros, widely regarded as Hungary's most influential oligarch, embodies the new business elite built by Prime Minister Viktor Orban's semi-authoritarian regime. His rise has also come to symbolise crony capitalism, where business success depends on
loyalty rather than financial skill or technological innovation.
The 58-year-old has risen from a small- town gas fitter to become a business magnate with an estimated fortune of HUF1 trillion (€2.45bn), equal to two years of Budapest's budget. His rapid ascent has coincided with the election victory of Orban, his long-time friend, in 2010. While Meszaros portrays himself as a skilled entrepreneur, critics argue he merely serves as a proxy for Orban, an accusation he denies.
Meszaros’ ties to Orban date back to the 1970s, when they both attended
the same elementary school in the village of Felcsut. In the early 1990s, he ran a business connecting homes to the gas network under a state- funded programme. In 2001, the company bearing his name, Meszaros & Meszaros, was founded with an expanded portfolio that included engineering works and construction.
His business grew to handle larger projects in nearby towns but struggled in the mid-2000s due to increased competition. The company nearly went bust a year before the 2007-8 global financial crisis.
Football focus
There are rumours that in 2007
he sought help from Orban, then opposition leader, with whom he shared a passion for football. They were often seen together at matches of the local club FC Felcsut, which in hindsight marked the beginning of a long and fruitful collaboration.
Despite financial troubles, Meszaros became a major sponsor of FC Felcsut and was appointed president of the newly founded football academy in 2008, which bears the name of legendary Hungarian footballer Ferenc Puskas. The launch of the academy was a dream come true for Orban, who also played for the team as a substitute before 2010.
People familiar with the situation said Meszaros had little decision-making power in football matters, acting as a frontman for Orban, just as critics argue he does in business.
In 2008, two years before Fidesz swept into power, Meszaros took over the club from its founder Csaba Molnár, who disagreed with plans to construct a 4,000-capacity stadium in a village
of less than 2,000 residents.
After Fidesz's supermajority victory in 2010, Molnar fell out of favour with the
Prime Minister Viktor Orban (right) and Lorinc Meszaros (left) have been friends since they were at school together. / bne IntelliNews
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