Hungarian Prime Minister Peter Magyar has directly attacked the owner of the 4iG group, Gellert Jaszai, calling him an oligarch.
The statement comes after the first meeting of the new Hungarian government, where it was revealed that just a month before the elections, Orban's former government awarded a secret contract of 3.6 billion euros to the 4iG group, which is the parent company of One Albania.
"The oligarchic gentlemen and ladies should consider this agreement as if it did not exist. Because the country certainly does not need it in this form," Magyar said after the first meeting, which also saw the ceremonial handover of power.
Edi Rama and the owner of One Gellert Jaszai
Immediately after these statements, 4iG's shares on the stock exchange recorded a staggering 16 percent drop.
The price of a 4IG share was 1,990 forints on Thursday, but on Friday morning it fell to 1,670 forints, a drop of 16 percent.
In the late morning hours, the company's shares recovered somewhat and in the afternoon they closed trading at 1,720 forints per share.
Péter Magyar declared during the handover of power between the outgoing and newly formed governments that the agreement between the previous Orbán government and the space technology company 4iG worth 3.6 billion euros should be "considered non-existent".
He also announced that the government had refused to pay the first invoice for this contract and would undertake a detailed investigation into it.
4iG's point of view
4IG shares have lost more than 63 percent of their value in the last six months, constituting one of the largest declines in the value of a company not only on the Hungarian stock exchange but much more broadly.
Widely considered in Hungary as a vassal company of former Prime Minister Orban, 4iG's future has been deeply shaken after the new elections, which brought Prime Minister Magyar to power.
The latter has targeted the company and before the elections, he sold the shares he owned in this company as a demonstrative gesture.
Editorial
