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Misappropriations uncovered at private pension funds

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Hungary’s Government Investigation Office (Kehi) has uncovered misappropriations by private pension funds that may have cost members up to several billion forints in lost yields, government commissioner for pension protection Gabriella Selmeczi said at a press conference on Thursday.

Kehi will file several criminal complaints based on its investigation of the management of private pension fund assets, Ms Selmeczi said.

Kehi investigated the funds’ operation, operating costs, compliance with regulations and investment policy. Ms Selmeczi said the funds had to be pressed for data, forcing Kehi to push back its deadline for the investigation several times.

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