Hungarian parliament approved the bill on Tuesday to establish the National Office for Asset Recovery and Protection (NVVH). The bill was passed with 143 votes in favor and 47 votes against.
The explanatory memorandum to the legislation states that its purpose is to establish a legal framework that ensures the NVVH can effectively carry out the tasks necessary for the protection of public assets, the detection of unlawful management of public assets and the recovery of such assets.
The NVVH may conduct public asset protection risk assessments and investigations, and may order that an entity be placed under public asset protection supervision.
In addition, in the course of its work, it has the right to enter premises, archives, warehouses and server rooms related to the investigation; to review all relevant documents, records, contracts, and and electronic data storage devices; examine the bank accounts and financial assets of the business entity placed under supervision.
It is also authorized to exercise investigative and prosecutorial powers to recover and protect public assets; and request the cooperation of the police, the public prosecutor’s office, the National Tax and Customs Administration or other agencies.
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