Kun-Mediator clients seek Quaestor-like compensation

History

Hungarians who lost money invested with Kun-Mediator, a travel agency that also provided clients with unlicensed investor services and has gone insolvent, are asking Hungaryʼs Prime Minister Viktor Orbán for compensation similar that clients of the failed boutique brokerage Quaestor received, their counsel István Dobrossy said yesterday.

According to Dobrossy, Kun-Mediator clients asked Orbán in an open letter for at least partial compensation, and also asked the prime minister to make moves to strengthen oversight and create a more transparent and credible register of companies.

Hungaryʼs government earlier approved the establishment of a top-up compensation fund for Quaestor investors, some of whom had purchased unsanctioned bonds. Dobrossy said some 500 Kun-Mediator clients had reported their losses, but the total number of clients affected could be 800-1,000. The damages could come to HUF 10-20 bln, he added.

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