BRFK investigates Philip Rákay land deal linked to Hankook
A 42-hectare industrial land purchase in Rácalmás yielded a net profit of 1 milliárd 433 millió forints within a short timeframe, according to corporate records and financial statements cited by Telex. The transaction, executed by Rácalmás Greendustry Projekt Zrt. in November 2022, took place adjacent to the Hungarian headquarters of the South Korean tire manufacturer Hankook.
Official Investigation Opened Into the Rácalmás Land Transaction
The Budapesti Rendőr-főkapitányság (BRFK) is investigating the real estate deal under suspicion of abuse of office committed by breaching official duties, as confirmed by Telex and 444. A private citizen filed the criminal complaint regarding the acquisition by the company linked to Rákay Philip.
The land purchase occurred one year after the Hungarian government designated Iváncsa and Rácalmás as special economic zones in 2021, noted Telex and Kékvillogó. Following the acquisition, the company sold a portion of the property to Hankook Tire and granted the multinational firm a preemptive purchase right on the remaining acreage.
Timing of the Industrial Expansion Announcement
Minister of Foreign Affairs and Trade Péter Szijjártó announced in November 2023 that Hankook would invest approximately 210 milliárd forints to expand its Rácalmás factory, creating 450 new jobs for truck and bus tire production, as reported by Telex. The investigation examines whether the purchasing company obtained privileged information from governmental or state sources regarding the expansion plans prior to acquiring the land, according to Telex.
Parallel Financial Inquiries Involving Media Projects
In addition to the police investigation in Rácalmás, the Nemzeti Adó- és Vámhivatal (NAV) launched an independent proceeding in September concerning the historical adventure film Most vagy soha!, according to Telex and 444. That inquiry proceeds against an unknown perpetrator under suspicion of budgetary fraud. The Nemzeti Filmintézet (NFI) allocated a state grant of 4.7 milliárd forints to the film, which totaled 6.1 milliárd forints alongside the 30 percent film production tax credit, while total costs reached 7.022 milliárd forints according to hvg.hu. Rákay Philip served as the producer of the film and stated that he did not deal with the film’s finances. In June, it was also revealed that Péter Szijjártó issued a diplomatic passport to Rákay Philip.
Rákay Philip Promises Detailed Answers Next Week
As Telex reported, inquiries directed to Rákay Philip regarding the rationale behind selecting that specific plot and the nature of the police complaint brought a response stating that his legal representative was abroad and detailed answers would follow the subsequent week. The initiation of a police investigation does not constitute a legal finding of wrongdoing or establish individual liability.