Hungarian Prime Minister Viktor Orban's son-in-law Istvan Tiborc has made a profit by betting on his father-in-law's defeat in the election. Bloomberg reports, citing sources in the investment fund.
Betting on Orban's defeat
Bloomberg reports that Istvan Tiborc, son-in-law of the Hungarian Prime Minister Viktor Orban, The company, through an affiliated investment fund, bet on a fall in Hungarian assets in the event of Orban's election defeat.
According to the publication, the fund prepared in advance for a possible change in the political landscape. The strategy was to make money on a negative scenario for the current government.
Market reaction
Following the change in political expectations, the market reacted sharply to election results. The value of the Hungarian assets fell, which brought profits to the entity associated with Tiborc.
The increase in the value of the assets on which the bet was made allowed the investment fund to make a significant profit. Bloomberg does not provide exact amounts, but notes that the deal was successful.
No official comments
The parties associated with Istvan Tiborc and the investment fund have not yet commented on the situation. There has been no official reaction from Viktor Orban either. Such a strategy is rare for politically close persons, but it does not violate the law.
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