Magyar Közút will not pay Péter Magyar an honorarium from February, the situation at Mészáros-bank is not so simple

Peter Magyar announced last Saturday that he would resign from his position at both state-owned companies and would also resign from the supervisory board of MBH Nyrt., a 30 percent state-owned giant bank called “Mészáros-bank”. Only one purely state-owned company has a Hungarian name in the company register, a board member at Magyar Közút Nonprofit Zrt., but at the time of writing our article, on Tuesday morning, no changes were visible in the up-to-date database of the Ministry of Justice. On the Magyar Közút website, however, Péter Magyar’s name can no longer be found among the board members.

In the January table on the remuneration of senior officials, there was still an honorarium of HUF 1.334 million. From February, a new list was prepared in which the honorariums remained unchanged, but Péter Magyar was deleted from the list.

Péter Magyar to Magyar Közút John Lazarus was selected by his ministry, and to the supervisory board of the giant bank Great Martin was included as a representative of the Ministry of National Economy. He joined the illustrious NER company and is the chairman of the supervisory board of MBH Andor Nagy former Fidesz and then KDNP representative, Israeli and then Vienna ambassador, Viktor Orban former chief of staff and is among the members of the board Zsigmond Járai, also the finance minister of the first Orbán government. (They were last seen by Lőrinc Butcher(we asked about the acquisition of a luxury yacht, we wanted to find out whether the bank’s supervisory board could fit the HUF 27 billion acquisition into prudent banking operations.) The bank’s top executives are paid generously, Hungarians on the supervisory board receive HUF 1.5 million per month for membership .

Péter Magyar held the position of banker from September 1, 2022, at the request of Márton Nagy’s ministry – this is the extent of the declarations of the two sides. Magyar posted that he had resigned, but the ministry, in response to the Index’s question, said that it was not a resignation, the Ministry of National Economy already initiated the withdrawal of his mandate on January 18, 2024. There was no trace of any of them in the official documents at the time of writing our article, on Tuesday morning, the name of Péter Magyar was still listed among the fb members on the bank’s stock exchange website, and there was no announcement regarding Magyar’s identity among the publications.

If Péter Magyar resigned, he had to send it to the board, which had to “immediately”, practically within 24 hours, take measures to publish the change. On Tuesday morning, there were no signs of this measure on the MBH website.

Márton Nagy’s ministry, on the other hand, cannot easily fire the member of the supervisory board it has delegated, as the MBH’s articles of association stipulate that the election and recall of board and supervisory board members, as well as determining their remuneration, fall under the exclusive competence of the general meeting of shareholders.

Technically, the ministry must send a letter to the board of directors, in which they initiate the convening of a general meeting, the recall of fb members with an agenda. The board of directors has eight days to arrange for a meeting of shareholders. There is no sign of the convening of the general assembly on the website of the MBH. We asked the ministry and the MBH why they initiated Magyar’s recall, and if so, why they did not take action to convene the general assembly, and whether the ministry requested that, since the board did not take action, the company court should act on the matter. We will update our article as soon as they respond.

The situation, based on the giant bank’s articles of association and the civil code, is that whatever Márton Nagy’s ministry says about the initiation of the recall, according to the paper form, the resignation is simpler and can be preempted: as soon as the board of directors receives the resignation, it must arrange for its publication. However, the decision of the general assembly must be waited for the recall. The recall will be effective after the decision of the shareholders, they cannot decide in February that someone did not work for the company in January.

To Péter Magyar, for the Index article “Dear Index, is Tóni paying well?” his comment posted with a typo also confirms that he was treated as a member of the board during January: “If what the ministry claims is true, then I obviously received my full January honorarium by mistake, obviously by mistake I did not receive a written notification of this from either the bank or the ministry (I hope , it is not now being prepared backdated), and I am obviously included in the bank’s publicly available documents by mistake.”

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