A Belarusian businessman, Viktor Chevtsov, previously accused of financial crimes and closely tied to the Lukashenko regime, was found to have registered a company in Hungary despite being under EU sanctions. His company, PS Commodities Ltd., reported hundreds of millions of forints in revenue over several years without visible activity, leading to its closure by Hungarian authorities this year.
Suspicious business operations in Hungary
In August, the Belarusian Investigative Center (BIC) informed Hungarian investigative portal Átlátszó about Chevtsov’s potential business operations in Hungary. Subsequent investigations confirmed that PS Commodities Ltd., registered in 2019, operated without clear activities yet reported substantial revenues, including HUF 346.57 million (EUR 842,100) last year. The company’s headquarters was listed at a Budapest apartment, raising questions about its legitimacy.
The National Tax and Customs Administration (NAV) suspended PS Commodities after determining its owner was subject to sanctions for undermining Ukraine’s sovereignty and territorial integrity.
Links to residency bond scandals
Chevtsov’s company is also connected to a Hungarian woman, Krisztina Simon, who was involved with the VolDan Investments firm, previously active in Hungary’s controversial residency bond program linked to Minister Antal Rogán, Átlátszó wrote. The program facilitated EU residency for foreign investors, often criticised for its lack of transparency.
Simon’s association with Chevtsov highlights further concerns, as her listed address overlaps with one registered by the Belarusian businessman. VolDan Investments, connected to Rogán’s associate Shabtai Michaeli, had faced allegations of financial misconduct.
Chevtsov’s dubious history
Chevtsov, known for his ties to the Lukashenko regime, managed financial operations in Belarus during the 1990s, including positions in Infobank, later accused of laundering profits from illegal arms trade. The U.S. Department of Justice also implicated Infobank in laundering funds for Saddam Hussein’s regime.
In recent years, Chevtsov became a major shareholder in a Belarusian company that monopolised hologram production under the Lukashenko government. This enterprise played a role in supporting Ukraine-related aggression, prompting EU sanctions.
Fictitious business activities
PS Commodities claimed involvement in diverse industries, including fruit trade, chemicals, and MOL lubricants. However, MOL denied any connection. Despite PS Commodities’ claimed global operations, the company had no visible workforce or physical office.
This case marks the first known instance of an EU-sanctioned individual facing asset-related action in Hungary. It underscores concerns over Hungary’s vulnerabilities to questionable financial activities, particularly by individuals tied to controversial regimes. The involvement of entities linked to Hungary’s residency bond programme adds another layer of scrutiny to a scheme already fraught with allegations of misconduct.
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