Hungary lifts immunity of Prime Minister Magyar, two Orban

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Published: 2026-09-29T06:30:35.321Z • Permanent link

Hungary's ruling Fidesz party has lifted the immunity of Prime Minister Viktor Orbán and two former ministers, László Palkovics and Mihály Varga, from the National Assembly. This move effectively paves the way for Orbán and his allies to face charges related to a corruption scandal involving the state-owned Hungarian telecommunications company, Telenor, and a government-backed investment firm, Telenor Hungary. The scandal centers on allegations of irregularities in the sale of a 66% stake in Telenor Hungary to a consortium of investors, including the Chinese conglomerate, China Telecom.

Orbán and his allies have long been accused of using state resources to enrich themselves and their allies, and this latest development has sparked widespread outrage and calls for accountability. Hungarian opposition parties and civil society groups have been pushing for reforms to combat corruption and increase transparency in government. The move has also raised concerns about the erosion of democratic norms in Hungary and the rule of law.

The lifting of immunity comes as Hungary's economic situation continues to deteriorate. The country's GDP growth has slowed significantly in recent years, and its economy is heavily reliant on foreign investment. The government's handling of the pandemic and its response to the economic crisis have also been widely criticized. The opposition parties have been pointing to these issues as evidence that the Orbán government is more interested in protecting its own power and interests than in serving the needs of the Hungarian people.

The lifting of immunity for Orbán and his allies has significant implications for the global financial markets, particularly in Europe. Hungary's economy is a key player in the European banking sector, and the country's financial system is closely tied to the European Union's single market. Any further erosion of democratic norms and the rule of law in Hungary could have far-reaching consequences for the stability of the European financial system.

Several major international banks, including HSBC and Credit Suisse, have significant operations in Hungary, and their exposure to the country's economy is substantial. The lifting of immunity could also have implications for the European Union's single market, as Hungary's economy is a significant contributor to the EU's GDP. The EU's single market is a cornerstone of the European Union's economic policy, and any disruption to its functioning could have significant consequences for the EU's economy as a whole.

This latest development in Hungary is part of a larger pattern of erosion of democratic norms and the rule of law in Central and Eastern Europe. The region has seen a surge in populist and nationalist movements in recent years, which have been linked to a decline in democratic standards and an increase in corruption. The European Union has been criticized for its inability to effectively address these issues, and the EU's own democratic standards have been called into question.