FLASH
Shkruar nga Pamfleti
The operator does not disappear from the market with an electoral loss in Budapest, but it could enter a dangerous zone: less political protection, more financial pressure and a cold review of the entire Hungarian project in Albania…
If Viktor Orbán loses power in Hungary, the fate of ONE Albania and Jászai Gellért will be determined within a few months, because his entire business model is built on unlimited access to Hungarian state money.
Today, 4iG survives thanks to an internal mechanism where Eximbank and state funds lend to Jászai, and he buys state companies with the same money. This money circulation disappears immediately, with the arrival of a new government, e.g. of the Tisza Party, which will block any financing without a tender and will open corruption investigations.
4iG shares fell 54% just from a poll showing the opposition ahead, so the market is already betting against Jászai.
In this collapse, ONE Albania becomes one of the first assets to be sold for liquidity, as the group loses oxygen from Budapest.
Equally crucial is the change in political balances in Tirana.
Today, Rama defends ONE Albania because he has an agreement with Viktor Orbán, publicly signed in October 2024, where Hungary gives Albania 350 million euros in unilateral aid and investment. But when Orbán falls, Rama no longer has any interest in defending a fallen ally. On the contrary, he will quickly distance himself, call it a matter of “a private investor” and leave the Albanian authorities to act.
SPAK has already launched investigations into ONE Albania’s fiber optic contracts with the Municipality of Tirana; with a new pro-Western Hungarian government cooperating with SPAK, the investigations will expand to money laundering and connections to controversial figures like Spas Roussev. Rama will always choose his own political interest over Jászai’s.
Meanwhile, all of Orbán's other oligarchs are preparing to flee. Lőrinc Mészáros is transferring funds from his companies to private accounts, Orbán's son-in-law moved to the US in August 2025, and others are sending luxury cars to Dubai.
Jászai will follow the same logic: he will try to sell ONE Albania as soon as possible, before its value drops to zero. The problem is, who will buy a mobile operator with disastrous cybersecurity (it was hacked twice in a few months, losing data), with dissatisfied subscribers and with a reputation so tarnished by links to a deposed oligarch? The sale will be made at a very low price, perhaps a fraction of the initial investment. In the best case scenario for Jászai, he finds a regional buyer (Turkish, Greek or an international fund) and disappears from Albania. In the worst case scenario, ONE Albania goes bankrupt before it finds a buyer, leaving thousands of subscribers without service and starting a long liquidation process.
So, ONE Albania is not just a failed investment; it is a symbol of the entire architecture of Orbán’s power in the Balkans. When Orbán falls, this whole building falls. Jászai Gellért will be remembered in Albania not as a successful investor, but as the one who brought in a hackable mobile operator, with arbitrary tariffs, and who left with his ‘tail in the saddle’ as soon as the Hungarian state’s money tap was turned off. This is the rub of being “Orbán’s man”: when the boss falls, no doors open anymore; neither in Budapest, nor in Tirana./ Pamphlet
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