Hungary Seizes Oschadbank Cash Vehicles, Questions Bank Employees Without Charges, Lawyer Says
Hungarian authorities seized armored vehicles with millions in cash and gold, and questioned Ukrainian bank staff in a money-laundering case against an “unknown perpetrator,” denying lawyers’ access.
Kyiv Post
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Seven Ukrainian Oschadbank employees detained in Hungary earlier this week were not formally accused of a crime and were questioned only as witnesses in a money-laundering investigation, the legal representative of Ukraine’s Oschadbank employees told Kyiv Post in an exclusive interview.
Dr. Lóránt Horváth, lead attorney at E. Rechtsanwalt (Austria), represents Oschadbank and the seven employees as their authorized legal counsel and also provides pro bono support to the Embassy of Ukraine in Hungary.
Horváth said that the investigation by Hungarian authorities into suspected money laundering is targeting an “unknown perpetrator” in a freshly launched criminal case.
He confirmed that “coercive measures” by Hungarian law enforcement were used as they detained Oschadbank’s employees on March 5, but said that it is hard to identify the precise circumstances of the operation. Previously, Hungarian outlet Portfolio reported that the Hungarian Counter-Terrorism Center (TEK) detained the Ukrainian cash collectors at a gas station and forced them to the ground.
Hungarian authorities had intercepted two armored vehicles transporting large amounts of cash and gold between Austria’s Raiffeisen Bank International and Ukraine’s state-owned Oschadbank. The shipment reportedly contained $40 million, €35 million ($37.9 million), and 9 kilograms of gold.
Oschadbank says it has located employees detained in Hungary, Sybiha said they are already located in Ukraine. Budapest continues probing suspected money laundering.
The seven Ukrainians were later placed under immigration proceedings and expelled from Hungary before being handed over to Ukrainian authorities at the Záhony border crossing. However, the cash, valuables, and the two armored cash-transport vehicles remained seized as evidence in the criminal case.
Kyiv Post publishes its interview with Dr. Lóránt Horváth, shedding light on what happened in Budapest and what will happen next to Oschadbank’s property. The interview has been slightly edited in this article for clarity and succinctness.
Kyiv Post (KP): Dr. Lóránt Horváth, you have been in contact with Ukrainian diplomats and Oschadbank since the start of this incident. Could you tell the full picture of what happened during March 5-6?
Dr. Lóránt Horváth (LH): On 5 March 2026, two armored cash-transport vehicles were travelling from Austria to Ukraine. The shipment originated from the headquarters of Raiffeisen Bank International AG in Vienna and was destined for the headquarters of the State Savings Bank of Ukraine (AT Oschadbank) in Kyiv, as part of the performance of obligations under an international contractual arrangement between Raiffeisen Bank International AG and Oschadbank.
Kyiv Post Disclaimer: In response to Kyiv Post’s request for comment, Raiffeisen Bank International declined to comment on the operation, citing Austrian bank secrecy laws. The bank said it has long been involved in distributing banknotes across Europe and works with regulators and security authorities. It added that it complies with anti-money-laundering and sanctions rules.
On March 5, 2026, Hungary’s Counter-Terrorism Centre (TEK) intercepted the vehicles near Budapest suburbs based on GPS signals transmitted by the vehicles. Hungary’s National Tax and Customs Administration (NAV) initiated a criminal investigation into suspected money laundering against an unknown perpetrator. NAV officially informed the Consular Section of the Embassy of Ukraine in Hungary about the initiation of the investigation.
The Ukrainian Embassy reported it lost contact with the Ukrainian nationals and did not know their whereabouts. It asked Hungarian authorities to clarify the circumstances of the interception of the cash-transport vehicles and their personnel and to ensure the immediate release of the Ukrainians and the cash shipment.
The Hungarian authorities did not formally notify the seven Ukrainian nationals of any suspicion in the criminal proceedings. Instead, they launched immigration proceedings against them pursuant to the Act on the General Rules for the Entry and Residence of Third-Country Nationals. The competent immigration authority ordered the immigration expulsion of the individuals.
The Ukrainian nationals were required to leave Hungary’s territory and may also face a ban on re-entry and residence. On March 6, 2026, at approximately 18:00, the Hungarian authorities handed over the seven Ukrainian nationals to the Ukrainian authorities at the Záhony border crossing.
During the operation, Hungarian authorities seized the substantial amount of cash and other valuables transported in the armored vehicles, referring to suspicions of money laundering. The assets were treated as evidence in an ongoing criminal investigation against an unknown perpetrator under the provisions of the Hungarian Criminal Code concerning money laundering.
Together with the cash and valuables, the two armored cash-transport vehicles were also placed under the authorities’ control and seized during the investigation. The purpose of the seizure was to secure evidence potentially related to the suspected criminal offence and to prevent the further movement of the assets until the conclusion of the proceedings.
Seven Oschadbank employees after returning to Ukraine following their detention by Hungarian authorities. The image was published by Oschadbank CEO Yurii Katsion. (Photo from Yurii Katsion/Facebook)
KP: Have you been granted access to the Ukrainian citizens who were detained? Have Hungarian authorities explained why lawyers and diplomats were denied access?
Pull quote: No detailed official explanation was provided as to why access to legal counsel or diplomatic representatives was excluded.
LH: Neither the consular service nor the legal representatives were granted direct access to the Ukrainian nationals who had been placed in immigration detention by the Hungarian authorities.
According to the information available to us, the Hungarian authorities formally notified the Ukrainian consular service in accordance with the applicable Hungarian procedural rules. The Ukrainian Ambassador and representatives of the consular service appeared at the location; however, the investigative authority informed them that the individuals would be questioned in the building of the Counter Terrorism Centre, where neither the legal representatives nor the consular officials were allowed to enter.
We do not know whether adequate legal representation or interpretation was provided during the questioning. Eventually, the investigative authority stated that the individuals had been questioned as witnesses and that no suspicion had been communicated. No detailed official explanation was provided as to why access to legal counsel or diplomatic representatives was excluded.
Sándor Fegyir, Ambassador of Ukraine to Hungary in front of the entrance to the Counter-Terrorism Center (Photo courtesy of Telex, photographer István Huszti)
KP: Hungarian politicians and the National Tax and Customs Administration have stated that a criminal case has been opened. What legal grounds or evidence are known? Have the Ukrainian Oschadbank employees been formally charged?
LH: The Hungarian authorities have stated that a criminal investigation has been initiated on suspicion of money laundering. According to information currently available to us, the National Tax and Customs Administration has indeed opened an investigation against an unknown perpetrator under the relevant provisions of the Hungarian Criminal Code.
However, the Ukrainian nationals involved in the cash transport were questioned only as witnesses during the investigation, and no formal suspicion was communicated to them.
KP: Hungarian outlet Portfolio reported that the Counter-Terrorism Center detained the Ukrainian cash collectors at a gas station and forced them to the ground. Is this accurate?
LH: According to the information currently available, the cash-transport vehicles were intercepted by Hungarian authorities, including units of the Counter Terrorism Centre, during an operational intervention in the vicinity of Budapest, at a gas station.
Based on publicly available video recordings, coercive measures appear to have been used during the interception. However, at this stage, we do not possess complete information regarding the precise circumstances of the operation.
Dr. Lóránt Horváth, lead attorney at E. Rechtsanwalt (Austria), who represents Oschadbank and its seven employees detained in Hungary and provides pro bono legal assistance to the Embassy of Ukraine. (Photo from Dr. Lóránt Horváth/Facebook)
KP: From a legal perspective, which human rights or international legal norms may have been violated?
LH: From a legal perspective, several issues arise that may require further examination.
These include, in particular, the right of access to legal counsel and the procedural guarantees that must be ensured in detention and expulsion proceedings involving foreign nationals.
In addition, international legal standards contained in the European Convention on Human Rights and the Vienna Convention on Consular Relations may be relevant when assessing whether the procedural safeguards applicable in such situations were fully respected.
However, a comprehensive legal assessment would require access to the case file and the relevant procedural documents.
KP: Ukraine’s foreign minister and Oschadbank reported that the bank employes have already returned to Ukraine. What developments should we expect next? Has the matter been resolved?
LH: According to the most recent information, the seven Ukrainian nationals were ultimately handed over by the Hungarian authorities to the Ukrainian authorities at the Záhony border crossing and have safely returned to Ukraine.
This development has resolved the immediate situation concerning the individuals themselves; however, they still have the possibility to pursue legal remedies.
At the same time, the criminal investigation initiated by the Hungarian authorities is undoubtedly ongoing, and further legal steps will be necessary regarding the seized cash assets and vehicles, in which Oschadbank holds a proprietary interest.
