The bankruptcy of HUMDA Magyar Mobilitásfejlesztési Ügynökség Zrt. Has highlighted the vulnerabilities of the university management model introduced by the Orbán government in 2021. This system established public interest asset management foundations, known as “kekvák,” which placed state universities under the control of boards often filled with Fidesz cadres.
Liquidation of a 50 Billion Forint Entity
The financial collapse was preceded by warning signs in last year’s balance sheet, which showed that the company, despite having 50 billion forints in assets, had been loss-making for years and had nearly exhausted its own equity.
The situation culminated the day after the elections, when the state liquidation company, Nemzeti Reorganizációs Nonprofit Kft., took control and initiated formal liquidation proceedings.
From Motorsport Ambitions to Financial Ruin
HUMDA was conceived in 2020 by the government and then-Minister of Innovation and Technology, László Palkovics. The original goal was to coordinate auto and motorsport to make Hungary a global hub for the industry, similar to the automotive center in Debrecen.
However, these ambitions largely failed, including the planned MotoGP track in Hajdúnánás. The company’s focus shifted toward managing top Hungarian drivers and coordinating “green mobility” projects, such as electric vehicle grants and the national hydrogen strategy.
Reports indicate that funds for these projects merely flowed through HUMDA, while the actual implementation of the projects did not necessarily depend on the company.
Political Ties and Asset Transfers
László Palkovics, a former automotive researcher, served as the chairman of the Széchenyi István University Foundation starting in 2022. HUMDA became the property of this “kekva” just one month after his appointment.
In October 2024, Palkovics left the foundation’s board, but he transferred certain assets to himself, including elements related to the ZalaZone automotive test track in Zalaegerszeg. In 2025, he used these assets—valued at approximately 70 billion forints—to create his own “kekva,” the ZalaZone Foundation.
Following the departure of ministers in 2024, including Palkovics and Péter Szijjártó, the board was led by Béla Hetzmann and István Tarlós. Despite this change, the university remained subject to higher government interests, as evidenced by HUMDA’s erratic scope of work and eventual collapse.
Collateral Damage and Corporate Fallout
The insolvency of the parent company has extended to its subsidiaries. HUMDA pro Kft., which was intended to conduct profit-oriented business with national and international motorsport players, has also entered liquidation.
Currently, only HUMDA Lab Kft., designed to facilitate cooperation between mobility players and the university, has not been swept away by the owner’s collapse.
The Future of University Governance
The incoming Magyar government is expected to take steps to abolish the “kekva” model. A possible next step would be returning the management of higher education institutions to the university communities.
Such a move could potentially restore university autonomy and satisfy European Union rule-of-law criteria, which may allow institutions to regain access to Erasmus exchange programs and scientific collaborations.
While the legal abolition of these foundations may be straightforward, the financial and structural damage could take years to repair and cost billions of forints. The burden of HUMDA’s collapse may likely fall on either the state or the university once it returns to state maintenance.
Frequently Asked Questions
What is a “kekva”?
A “kekva” is a public interest asset management foundation created under a model introduced in 2021 to manage the maintenance rights of state universities, often directed by boards consisting of government-aligned cadres.
What happened to the Rába shares held by the foundation?
The foundation sold its Rába shares to the 4iG group, which resulted in a one-time revenue of 6-7 billion forints but meant the university would no longer receive dividends from the company’s defense industry growth.
What was the original purpose of HUMDA?
HUMDA was created in 2020 to coordinate auto and motorsport with the goal of making Hungary a “stronghold” of motorsport, similar to the automotive hub in Debrecen.
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