The Hungarian government has ordered the seizure of cash and gold belonging to Oschadbank for the duration of an investigation set to last 60 days.
The decree states that “the method used to transport the money and gold did not comply with standard international practice, which is why criminal proceedings have been initiated”, adding that the circumstances of the transfer may pose a threat to the country’s national security.
According to the document, inspectors on site were unable to determine the origin of the funds, their intended destination, the purpose of the transfer, or the legal grounds for transporting such assets through Hungary’s territory. “The investigation must establish the origin of the assets, the purpose of their transportation, and any possible links between the carriers and criminal or other organizations”, the text states.
On March 5, armed Hungarian customs officers stopped two vehicles belonging to the bank. Inside were €35 million, $40 million, and 9 kilograms of gold. Seven cash-in-transit guards were detained but were later released.