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The company linked to Viktor Orban is embroiled in a spiral of scandals, investigations and political crisis in Budapest, while expanding its tentacles in Albania.
The economic empire built during the years of Viktor Orban is entering one of the most difficult moments in its history. At the center of the storm is 4iG, the Hungarian company that now controls “One Albania” and that over the last decade has become the strongest symbol of the oligarchic model built around the government in Budapest.
For years, 4iG grew at a breakneck pace: it acquired telecommunications companies, entered the defense sector, satellites, digital infrastructure and strategic state projects. Behind this growth was the name of Gellért Jászai, one of the people closest to Viktor Orbán and today among the 10 richest people in Hungary.
But the coming to power of Peter Magyar has changed the political climate dramatically.
The new government has launched an open offensive against contracts signed at the end of Orban's term, especially those considered "gifts" to oligarchs close to power.
At the epicenter is the staggering contract of 1.311 trillion forints, or about $4.3 billion, that the Hungarian Ministry of Defense signed with 4iG just a few weeks before the parliamentary elections.
The agreement was largely classified and envisaged projects for the digital modernization of the Hungarian army, defense systems, satellite technology and military platforms by 2035.
Hungarian media described the contract as one of the darkest and largest financial deals in recent years. Its value alone is higher than the annual revenue Hungary expects from corporate tax.
When the scandal broke publicly, Peter Magyar reacted harshly. “The oligarchs should act as if this contract does not exist,” he declared, warning that his government would not recognize the down payments demanded by 4iG and that the agreement would be audited from the beginning.
Magyar went even further, accusing Orban's government of attempting to tie the hands of the new government with secret long-term contracts.
He declared that Hungary does not need "spy satellites and contracts for oligarchs", but healthcare, education and a functional economy.
After his statements, the stock markets reacted immediately.
4iG shares lost about 16% of their value in a few hours, as investors began to fear that the economic model built during the Orban era was collapsing.
But the crisis does not end here.
Another blow has come from the investigative fund "Hunterbrook", which has published a critical analysis of 4iG's strategic partner in the military industry, the Czech group "Czechoslovak Group" (CSG).
According to the report, there are serious questions about the transparency of contracts, the network of intermediaries and the way the group's financial relationships in Asia, especially in Indonesia, have been built.
Hunterbrook suggests that some of CSG's billion-dollar contracts may be far less diversified than publicly claimed and rely on opaque brokerage networks.
Although the report focuses on the military industry, it also indirectly affects 4iG, as the Hungarian company is CSG's strategic partner in military projects in Hungary and Central Europe.
And this is exactly where Albania comes in.
4iG is not just a foreign investor in the Albanian market. Today, it controls “One Albania”, the largest mobile operator in the country and one of the most strategic assets of Albania’s digital infrastructure.
According to the published financial balance sheets for 2024, "One Albania" turns out to have over 96 million euros in loans and direct financing from the Hungarian parent group.
This creates a significant financial and strategic dependence on a company that is currently at the center of the political and economic crisis in Hungary.
If investigations, audits, or political tensions against 4iG escalate, the effects could also be reflected in Albania.
Right at the height of this political storm, 4iG owner Gellért Jászai held meetings in Tirana with Prime Minister Edi Rama.
The focus was on the expansion of strategic investments in Albania, data centers, digital projects, and the giant submarine cable "2EAGLE", which aims to connect Egypt with Albania and then with Europe.
But while Budapest is talking about secret contracts, oligarchs and audits, the question that is increasingly being asked is: is 4iG trying to gradually shift assets and influence towards the Balkans to escape the shock in Hungary?
If Peter Magyar's offensive continues and the Orban-era files are opened one after another, the consequences may not stop only in Budapest. They could very soon hit Tirana as well. /Pamphlet
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