Beva to compensate Quaestor clients for unsanctioned bonds

Hungaryʼs Investor Protection Fund (Beva) on Friday said it will compensate clients of troubled brokerage Quaestor for unsanctioned bonds. The decision was taken by the fundʼs board on the initiative of the central bank. The board took into consideration two independent legal opinions on the matter before taking the decision.

The boardʼs decision does not extend to the details of the compensation which will be worked out after Quaestor is liquidated, Beva said. Beva will do everything in its power to pay the compensation as quickly as possible, it added.

Clients of Quaestor, which is under investigation for fraud, earlier subscribed to some HUF 150 bln in bonds that were not sanctioned buy the National Bank of Hungary (MNB) but were issued anyway by one of the brokerageʼs units.

The MNB said it welcomed the decision by Bevaʼs board. A decision on the liquidation of Quaestor could be taken as soon as next week, clearing the way for the compensation of its clients, it added.

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