Hungarian central bank launches probe into Ruszlan Rahimkulov's firms over unlicensed loans
The Magyar Nemzeti Bank has opened a market-supervision case concerning two companies owned by dual-citizen businessman Ruszlan Rahimkulov, after discovering they issued large loans without the bank’s permission.
A market-supervision procedure has been initiated by the Magyar Nemzeti Bank concerning Kafijat Zrt. and Greenovatív Kft., companies tied to Ruszlan Rahimkulov, who holds Hungarian and Russian citizenship. Both firms extended sizable loans without the required MNB authorisation. The state-backed Magyar Fejlesztési Bank has previously invested 70 billion forints in bonds issued by the developer of the large Váci út real-estate project.
The MNB declined to confirm or deny the investigation but indicated that it proceeds whenever there are reasonable grounds of non-compliance. Rahimkulov did not answer the request for comment. The developer, Southblaze Kft., co-owned by Rahimkulov and hotel magnate Zentai Péter, has seen its Láng Negyed construction stall after the contractor entered bankruptcy proceedings.
Why it matters
The probe could expose illegal financing in a high-profile state-backed development and affect public funds.
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