Ádám Matolcsy’s furniture factory receives EU funds

June 26, 2017

The budding entrepreneur with his proud parents.

A furniture factory owned by Ádám Matolcsy, son of Governor of the Hungarian National Bank György Matolcsy, received HUF 2.5 million (USD 9,000) of EU funds shortly before the government’s EU bashing campaign unfolded, reports Hungarian conservative daily and news site Magyar Nemzet.

The Veszprém-based Balatoni Bútor Ltd. received the EU funds to support the company’s internship program. According to Magyar Nemzet, the company’s application was judged shortly before the government launched its “Let’s Stop Brussels!” campaign. Magyar Nemzet notes that at the end of last year the German conservative daily Frankfurter Allgemeine Zeitung published an article titled “It is not Hungary that endangers the EU, but Brussels” based on an interview with György Matolcsy.

Ádám Matolcsy’s Glamorous Ltd. acquired Balatoni Bútor Ltd. in autumn 2015 from a loan provided by the Growth Loan Bank (NHB) owned by György Matolcsy’s cousin, billionaire Tamás Szemerey.  Soon after the acquisition, the furniture factory’s profit plummeted, from HUF 110 million (USD 400,000) in 2015 to HUF 266,000 (USD 960) in 2016.

Apart from furniture manufacturing, Ádám Matolcsy has interests in real estate. His company Magyar Stratégiai Ltd. had a profit of HUF 120 million (USD 435,000) last year, from which the 24-year-old entrepreneur took out HUF 75 million (USD 270,000) as a dividend.