Hungarian firms and business magnates who leveraged ties to Viktor Orban to build sprawling empires are pivoting to smaller projects as a new ruling party moves to stamp out alleged cronyism.

A newly created office with sweeping powers could soon test whether Hungary’s change of government means real accountability for the oligarchs who grew rich under Orbán.

Hungarian business magnates are shifting operations to smaller projects. This change follows a new government's move to end alleged cronyism. Firms linked to the former ruling…