Hungary To Confiscate Profits From Multinationals

The Wall Street Journal reports:

Hungarian Prime Minister Viktor Orban used newly acquired wartime powers to declare that multinational companies in his country must cede the bulk of their excess profits into new state funds dedicated to preparing the country’s military defenses and weathering inflation.

Mr. Orban, who won a fifth term in power last month, didn’t immediately give details on how his government would calculate which percentage of profits must be forfeited to the new funds.

Nor did he say what, specifically, the new funds would go toward. More details would be given on Thursday, and the amount companies would be asked to pay would be “significant,” a government spokesman said.

Read the full article. No paywall.

Hungary’s Viktor Orban, using new wartime emergency powers and ruling by decree, will make banks and multinational companies cede their excess profits to the state “to protect families. In addition, the army must be strengthened.”https://t.co/hoNI3ATomB

— drew hinshaw (@drewhinshaw) May 25, 2022

PM Orban of Hungary, Putin ally, resists embargo on Russian oil:
• Flush with profits, Hungarian energy conglomerate gives $65 million to foundation that hosted Tucker Carlson.
• Provides stipends for attendees of Hungarian edition of CPAC this week.https://t.co/E7G5MInsmQ

— Cliff Levy (@cliffordlevy) May 19, 2022