Viktor Orban’s fall from power and the attack that new Hungarian Prime Minister Peter Magyar has launched on 4iG as a symbol of the corruption of the previous government, seem to have forced oligarch Gellert Jaszai to seek contracts and public funds in Albania.
“Gellért Jászai, Chairman and CEO of 4iG Nyrt., held talks with Albanian Prime Minister Edi Rama in Tirana on the group’s current operations in Albania and future investment opportunities. The meeting reviewed the situation of One Albania, a subsidiary of 4iG, as well as the possibilities for further cooperation in the field of telecommunications,” Hungarian media wrote about the secret meeting that took place three days ago.
This time the focus has apparently been on contracts in the defense industry.
“Gellért Jászai emphasized during the meeting that 4iG Űr és Védelmi Technológiák Zrt. is ready to take on a strategic role in Albania, contributing to the development of the country’s defense industry capacities and strengthening export opportunities in the region,” writes Privatbanker.
For this purpose, Jaszai also met with Defense Minister Ermal Nufi, where, according to Hungarian media reports, there are advanced negotiations.
“The Chairman and CEO of 4iG continued the series of talks with the Albanian Minister of Defense, Ermal Nufi, identifying several concrete areas of cooperation, for which discussions will continue in the coming period. The minister responsible for defense policy and the development of the Albanian defense industry confirmed that Albania aims for close cooperation with defense companies of partner countries, with the aim of strengthening the competitiveness and export capacity of the national defense industry,” Privatebanker reports.
4iG shares have lost 60 percent of their value since the beginning of the year, currently falling to 1,700 forints per share from 4,475 forints at the beginning of the year.
4iG is considered the most politically exposed company in Hungary, which was inflated through direct contracts from the government, including a secret 3.5 billion euro contract just weeks before the election, which Magyar has vowed to review.
A day ago, the Reuters news agency included the 4iG group among the names of 4 companies that risk exiting the market after the Hungarian revolution.
“Politically exposed companies, such as construction and energy conglomerate Opus Global, real estate developer Appeninn, telecommunications firm 4iG (and MBH Bank (MBHB.BU), have seen sharp declines in share prices as investors factored in the premiums of lost political control,” Reuters writes.
Citing government sources, former officials and analysts, the international agency writes that some of these companies will disappear.
After threats in Hungary, Gellert Jaszai has apparently set his sights on Albania to save his company through government contracts and favors. /Kapitali.al