Budapest court declares Quaestor head responsible
Image by Shutterstock.com
Csaba Tarsoly, the former head of failed brokerage Quaestor, has been declared personally responsible for the companyʼs loss of assets in a first-instance ruling by the Budapest Municipal Court, Quaestor told state news wire MTI on Tuesday.
Image: Shutterstock.com
The court said Tarsoly failed to perform his management duties in the interests of creditors when the company was threatened by insolvency and was responsible for the fact that at least HUF 11.2 billion of the claims were not satisfied, therefore, the court ordered him to pay this amount as compensation. The lawsuit was initiated by Kvantal, Quaestorʼs liquidator.
The National Bank of Hungary on March 10, 2015, partially suspended the operating license of Quaestor Securities and appointed an oversight commissioner to the company due to the irregularities detected there. The previous day, the Quaestor groupʼs bond issue company, Quaestor Financial Hrurira filed for bankruptcy.
According to the findings of the MNB, Quaestor Hrurira issued corporate bonds of HUF 210 bln, of which HUF 150 bln could have been unsanctioned bonds. The bonds were distributed by the groupʼs securities firm.
Tarsoly Csaba and his associates were charged with embezzlement, fraud and other offenses by the office of Budapestʼs chief prosecutor in February 2016.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
120,000 Guest Workers Employed in Hungary
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
