Central bank's attempt to swap MBH Bank shares for Ultima Capital assets collapses

Under Varga Mihály's direction, the Hungarian National Bank's foundation network prepared a deal to trade its MBH Bank shareholding for securities issued by Ultima Capital, a Swiss company associated with high-end real-estate assets used by Matolcsy Ádám’s business circle. The transaction was to involve Alpine Holding Kft. and partners such as Pinnacle Asset Group and Hungary Apex Investments Zrt., with Száraz István and Valkó Mihály slated to sign.

However, the appearance of Sándor Tamás, identified as a former lawyer for Matolcsy Ádám, caused the agreement to be voided. Subsequent changes in ownership of the Quartz companies meant the share block was ultimately sold to a group linked to Mészáros Lőrinc, with a small portion later returning to Matolcsy Ádám. The collapse leaves the foundation’s exposure to Ultima Capital unresolved, while criminal investigations continue into the broader asset-loss allegations.