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Csányi weighs in on Quaestor bonds

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OTP chairman-CEO Sándor Csányi believes it would be “unjustified” to force financial market players in Hungary to compensate investors for unsanctioned bonds issued by the now insolvent Quaestor boutique brokerage, according to a report on commercial television RTL II late yesterday.

Whether coverage of the Investor Protection Fund (Beva) would be extended to the unsanctioned bonds was still under scrutiny, according to Csányi (pictured), the head of the largest commercial bank in Hungary.

Csányi nonetheless noted that his bank, OTP, would be required to pay approximately 40% of the compensation in the end.

The National Bank of Hungary suspended Quaestor’s operating license on March 6 due to irregularities, and the brokerage is currently under investigation on suspicion of fraud with CEO Csaba Tarsoly being held in pre-trial detention. Quaestor reportedly issued about HUF 150 bln of unsanctioned bonds prior to its insolvency.

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