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PM, on radio, again denies insider information

History

Hungary’s Prime Minister Viktor Orbán decided to warn ministries to withdraw funds from brokerages “well before” receiving Quaestor CEO Csaba Tarsoly’s letter requesting government help, the prime minister said today in his fortnightly interview with state-owned Kossuth radio.

Tarsoly, who was arrested yesterday said he wrote a letter to Orbán and asked him to help sort out the problems at Quaestor, which apparently became insolvent due to fraud.

The PM reiterated on the radio today that he made his decision after Buda-Cash brokerage went bankrupt a few days earlier, also apparently due to fraud, and he became worried about brokerage houses in general. Orbán said he decided to act to prevent taxpayers’ money from being frozen. He denied having received “insider information” that Quaestor was about to become insolvent due to apparent fraud at the investment house.

He also urged the establishment of a “modern treasury system” that could ensure “appropriate conditions” for deposits of state and local government monies.

The media has questioned when government officials knew Quaestor was going under, especiall after Orbánʼs admission Wednesday that he had urged government ministries to withdraw their money from Quaestor moments before the brokerage firm became insolvent.

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