Analysis
Politics
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How Orbán’s Anti-Ukraine Crusade Fuels Hungary’s Election War Machine
10 October 2025
As the PPF investment group navigates controversies and probes across Europe and beyond, its entanglement with political influences and market dynamics reveals a complex legacy that continues to evolve in the post-Kellner era.
The Prague-headquartered PPF investment group has recently attracted international media attention.
This follows turmoil at the largest commercial television station in Slovakia and, more notably, reports of the European Commission launching a probe into some of PPF’s dealings. The probe concerns PPF’s €2.2 billion sale of its telecommunications assets in Bulgaria, Hungary, Slovakia and Serbia to the United Arab Emirates’s state-backed e& (or Etisalat) in the summer of 2023. Experts say this marks the inaugural EU probe under the new Foreign Subsidies Regulation, targeting significant players in PPF and e&.
The group’s investments encompass diverse sectors such as banking, financial services, telecommunications, media, biotechnology, real estate and industry, spanning markets across Europe, Asia and to a lesser extent also North America.
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