Liquidation begins for travel agency that acted as investment service
A liquidation procedure was initiated against Kun-Mediator, a travel agency that also provided clients with unlicensed investor services, according to Istvan Dobrossy the lawyer for the clients who lost money invested with the company, daily Magyar Nemzet reported today.
Kun-Mediatorʼs former office in Karcag.
The daily said that current assets at Kun-Mediator might only cover wages owed to employees, and Dobrossy said it remains to be seen if the police can uncover any additional assets.
The police so far have interrogated 800 Kun-Mediator clients concerning the case, but as many as 1,000 clients could have suffered damages. Dobrossy earlier estimated that the client’s losses could come to HUF 10-20 billion.
Kun-Mediator came under scrutiny by the police and the Hungarian National Bank in 2015, after it was exposed that the travel agency was offering investment services and managing billions of forints of its clientsʼ funds, without a license.
Police raided the home of Kun-Mediator’s managing director in Karcag, eastern Hungary, on April 19, 2015, and reportedly seized 800 contracts, but the company’s managing director has reportedly not been found.
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