Official conclusion of the investigation: absence of criminal elements
August 19, 2026, marked the final legal conclusion of the high-profile international incident known as the "golden convoy case." The Central Investigation Department of the National Tax and Customs Administration (NAV) of Hungary officially terminated the criminal proceedings against Ukrainian couriers of "Oshchadbank." As stated by the detained individuals' lawyer, Lorant Horvath, the decision was made due to the complete absence of criminal elements. The investigative authorities acknowledged that the earlier accusation of money laundering had no factual basis.
The decision by the Hungarian tax authority became a turning point in the story that began with the dramatic detention of Ukrainian bank employees in March 2025. During the review of the case, NAV established that the actions of the couriers fully complied with banking protocols and international standards for the transport of valuables. The investigation confirmed that none of the operations conducted by the carriers fell under the definition of financial fraud or illegal capital turnover.
Origin of assets: interbank operation with Raiffeisen and Sberbank
A key factor influencing the closure of the case was the establishment of the legal origin of the seized cash and gold bars. According to NAV explanations provided to the lawyer, all assets, including millions of dollars and euros, as well as gold, were obtained during a standard interbank operation. It is documented that the funds were transferred from Raiffeisen Bank International AG to JSC "Sberbank".
Hungarian investigators admitted that the initial suspicions regarding the "unknown origin" of the funds were erroneous. Raiffeisen Bank International AG provided full documentation confirming the legitimacy of the transaction and the legality of the assets being in the armored vehicles. This evidence was decisive in declaring the Ukrainian citizens innocent and closing the case.
Chronology of the incident: from illegal detention to the return of assets
The story of the "golden convoy" began on March 5, 2025, when Hungarian special services took Oshchadbank workers hostage and confiscated the contents of two armored vehicles. The incident was accompanied by gross violations of the rights of the detained: the men were kept in handcuffs for a long time, transported with blindfolds, and denied access to lawyers. This provoked sharp criticism from Ukraine and international human rights organizations.
On May 6, 2025, Hungary returned the seized money and valuables to Ukraine. However, the criminal case remained open, creating uncertainty for the couriers and their families. Only more than a year later, in August 2026, did NAV officially acknowledge its mistake and terminate the proceedings, confirming that the detention was illegal and had no legal grounds.
Contradictory data
Despite the official closure of the case, there are contradictions in the assessment of the actions of Hungarian authorities. On the one hand, NAV acknowledged the absence of criminal elements and returned the assets. On the other hand, lawyer Lorant Horvath continues to insist that the detention was illegal and violated three international conventions. He is demanding the arrest of former Prime Minister Viktor Orban and a number of former Hungarian officials for the illegal detention of Ukrainian citizens.
Hungarian authorities, in turn, do not comment on the arrest demands, citing that the case is closed and all issues are resolved. This creates a situation where the incident is legally exhausted, but political and diplomatic consequences continue to be discussed. Ukraine believes that responsibility for illegal actions must be established, while Hungary insists on the finality of the NAV decision.
Consequences for international relations and the banking sector
The closure of the "golden convoy" case has significant consequences for relations between Ukraine and Hungary, as well as for the international banking sector. The incident revealed the vulnerability of interbank operations and the need to strengthen the protection of couriers when crossing borders. Ukrainian banks are now demanding additional security guarantees when conducting international transport of valuables.
Furthermore, the case has become a precedent for reviewing the procedures for detaining foreign citizens in Hungary. The international community is calling on Hungarian authorities to comply with human rights and international norms. At the same time, the closure of the case demonstrates the ability of legal systems to correct mistakes, albeit with a delay. This is an important signal for all countries involved in international financial operations.
