A new organization has been announced to support and promote Hungarian culture in Canada. The Extra Hungariam Foundation (yes, Hungariam) plans to create a foundation “of significant financial proportion” which will provide perpetual funding to support Hungarian cultural activities in Canada. “Extra Hungariam non est vita,” in Latin, means “there is no life outside Hungary.” (You may find the foundation’s website here.)
The founder and promoter of the new organization is Mr. Gábor Vaski, a seasoned financial consultant, affiliated with the Investors Group, a large Canadian Investment company. Mr. Vaski also made an introductory video (essentially an interview with the Toronto-based Kanadai Magyar Televízió, or KMTV) explaining the goals and suggested operation of this foundation. (You may watch the video here.)
The written announcement claims that the foundation “will maintain an account at a reputable Canadian financial organization” and will use “the Investors Group Charitable Gifting Foundation program for long term investment and gifting and will abide by the I.G. CGF terms and conditions.”
Extra Hungariam
This might raise some eyebrows, since Mr. Vaski himself works for the Investors Group. The fund will also use the Investors Group Charitable Gifting Foundation, and may pay program fees, operating expenses, and management fees to Mr. Vaski’s firm.
It seems that the Investors Group may benefit from the proposed foundation, and Mr. Vaski himself might directly benefit if he receives commissions or other fees for setting up and operating the foundation.
There is something called “fiduciary duty” in our financial world, which is a legal duty to act solely in the client’s interests. A fiduciary, such as Mr. Vaski, may not profit from his relationship with the foundation, unless he has the foundation’s contributors informed consent. It would be advisable for Mr. Vaski to clearly explain to contributors his role, and get their written consent to avoid potential conflicts of interest. Since fiduciary duty is one of the strictest duties recognized in the Western legal system, if things go wrong, it could trigger endless litigation.
The guest star of the October 11 Inaugural Fundraising Event will be Mr. Béla Tolcsvay, Hungarian “folk-rock legend” and the divisive, ultra right-wing former ambassador, László Pordány. The sixty-seven year old Tolcsvay is a great admirer of pro-fascist WWII dictator Miklós Horthy, and might deter those who wish to contribute. It is also questionable if the Investors Group would like to be associated with pro-Fascist entertainers. (Take a look at Mr. Tolcsvay’s performance.)
Since Mr. Tolcsvay was also featured at neo-Nazi Jobbik events, he might have trouble entering Canada. In some cases Canadian immigration officials have ordered Jobbik sympathizers to leave the country. Here is a Hungarian language report about Mr. Tolcsvay entertaining at a Jobbik rally.
We wish good luck and success to the new Extra Hungariam Foundation in supporting future Hungarian cultural activities in Canada.
György Lázár
