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Rogán to investigate Buda-Cash scandal

History

Ruling Fidesz caucus leader Antal Rogán today said he is proposing the establishment of an ad hoc committee of MPs to scrutinize the Buda-Cash scandal, Hungarian news agency MTI reported.

According to Rogán there are numerous questions that must be answered, such as why the Socialist majority in Parliament eased up on oversight of brokerages in 2002-2010. He also said that relationships between Buda-Cash management and the former Socialist Bajnai government should be cleared up.

Rogán said he would initiate the establishment of the committee soon, adding that he expects the results of the review to be ready within three months, before the summer recess. Rogán also said parliament should legislate to tighten oversight of brokerages, and MPs expect the National Bank of Hungary (MNB) to scrutinize the activities of all brokerages now.

The MNB recently revoked the license of Buda-Cash and a number of banks with which it has ties. Damages resulting from the scandal are thought to be close to HUF 100 bln.

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