The new owner of Slovenia's media group N1, a Portuguese investment firm Alpac Capital, has been revealed to have deep ties with the financial circles of former Prime Minister Viktor Orbán of Hungary. This connection has come to light through recent developments involving the Hungarian government’s decision to conduct a sweeping state audit of contracts signed during Orbán’s tenure with the telecommunications giant 4iG. The audit, ordered by the newly elected Hungarian Prime Minister Peter Magyar, covers billions of euros worth of agreements and could potentially expose past dealings that link Alpac Capital to Orbán’s inner circle. Magyar announced the audit on Tuesday, stating that it would scrutinize all contracts between the Hungarian state and 4iG, which operates in telecommunications, IT, and satellite technology, including its subsidiary Vodafone Hungary. He emphasized that the findings would be made public and any irregularities would be passed on to relevant authorities. The move comes amid growing concerns over the influence of Orbán-era networks on current business operations, particularly regarding compliance with anti-money laundering and counter-terrorism financing regulations. At the heart of this scrutiny is Pedro Vargas David, the head of Alpac Capital and a key figure in the acquisition of N1. Vargas was a member of 4iG’s board of directors from April 2021 until his departure in late 2025. During this period, Alpac Capital held nearly six percent of 4iG’s shares, with the largest shareholder being the Hungarian oligarch Gellért Jászai. Vargas was described by media reports as having a close relationship with the company’s management, further linking him to the broader network of Orbán’s political allies. This connection becomes even more pronounced when considering that Vargas' father, Mario David, has long served as a trusted advisor to Orbán. A former representative of Portugal in the European Parliament, Mario David has maintained close ties with Orbán’s administration, reinforcing the notion that Alpac Capital operates within a framework influenced by Hungarian political interests. The audit of 4iG’s contracts with the Hungarian state adds another layer of complexity to the situation. It raises questions about whether previous transactions involving Alpac Capital were conducted in accordance with international regulatory standards. In 2024, the Hungarian Financial Supervisory Authority had already imposed sanctions on the firm for repeated violations of anti-money laundering and counter-terrorism financing rules. These actions suggest that the firm has faced scrutiny for years, yet continues to operate under the radar of major regulatory bodies. Meanwhile, the potential acquisition of N1 by Alpac Capital has sparked alarm among journalists and watchdog groups. The Slovenian Journalists’ Association has called on the current owners of N1 to uphold their commitments to editorial independence and transparency. They warn that the new ownership structure, linked to Orbán’s financial networks, could threaten the integrity of independent journalism in Slovenia. Reports indicate that Alpac Capital may also be interested in acquiring Nova24TV, a state-affiliated television station owned by the Slovenian Democratic Party (SDS), raising fears of increased political influence over media content. In addition, there are indications that Alpac Capital may be seeking to expand its presence in other parts of the Balkans. The firm has previously operated in Serbia, where it has been associated with the ruling party led by Aleksandar Vučić. This suggests a broader strategy of aligning with right-wing political figures across the region, potentially influencing media narratives in multiple countries. As the Hungarian government moves forward with its audit, the implications for Alpac Capital, and by extension, its role in shaping media landscapes in Slovenia and beyond, will become clearer. For now, the connections between the firm, Orbán’s legacy, and the potential reshaping of media ownership remain under intense public and institutional scrutiny. What is certain is that the future of N1, and the journalistic independence it represents, is now intertwined with complex geopolitical and financial dynamics.
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