Troubled Worldspreads has clients in Hungary

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Hungarian financial market regulator PSzÁF on Tuesday said online broker Worldspreads, which has been placed under Special Administration Regime by a UK court, has clients in Hungary.

Consultancy KPMG said a court had appointed two of KPMG's own as joint special administrators of Worldspreads Limited under the Special Administration Regime.

"The administration of Worldspreads Limited follows the discovery of accounting irregularities which the company became aware of during the course of Friday 16 March 2012. Following this it quickly became apparent that there was a shortfall in client monies and the directors and their advisors concluded that the best course of action, in order to mitigate losses for clients, would be to place the company into special administration," KPMG said in the statement published on Worldspreads' Hungarian website.

Hungarian business news portal privatbankar.hu said Worldspreads had dozens of clients in Hungary.

Worldspreads Limited is a wholly-owned unit of Worldspreads plc, incorporated in Dublin.

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