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12th November, 2026
Tiborcz “hid” €250mn in Belgrade office portfolio
István Tiborcz, the son-in-law of former prime minister Viktor Orbán, has restructured the ownership of a major Belgrade office portfolio valued at around Ft 100 billion, potentially “hiding” or making it harder for the state to reclaim the assets, Válasz Online reported.
Tiborcz acquired 11 office buildings across five business parks in Belgrade in early 2024.
With a combined floor area of 122,000m2, the properties account for roughly 10% of the Serbian capital’s total office space.
The assets were previously owned by Poland’s GTC Group, which has links to foundations established by the MNB, before passing to businessman Dániel Jellinek and subsequently to Tiborcz.
The limited liability companies holding the properties were backed by the Gordiusz Private Equity Fund, which received Ft 50 billion in Hungarian state funding, alongside a further Ft 21.4 billion from Jellinek.
The restructuring could complicate potential efforts by a Tisza government to recover the assets, Válasz Online writes.
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Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).
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