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Budapest court declares Quaestor head responsible

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.

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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.