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Lawyer: Buda-Cash investigation begun on suspected embezzlement

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An investigation of an unknown perpetrator suspected of embezzling funds was launched in the case of Buda-Cash, János Bánati, the lawyer of Buda-Cash CEO Péter Tölgyesi, said in an interview with HírTV on Saturday.

Bánati said that the management of the brokerage firm had not fled the country, contrary to alleged reports, but was in fact in Hungary and at the disposition of the authorities. The lawyer added that the authorities have not yet questioned the management.

Bánati said his client had asked the Hungarian central bank’s management to receive him for talks, before the raid of the brokerage firm last Monday, and informed them that some HUF 100 bln had gone missing among a “familiar circle of people”.

The National Bank of Hungary (MNB) on Tuesday said it had withdrawn Buda-Cash’s license and reported suspected criminal activity to the police. The MNB also put a limit on withdrawals at members of the DRB Bank group, which have ownership ties with Buda-Cash. The participants at the meeting considered how the central bank, in its role as market watchdog, could better prevent similar cases of fraud.

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