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MNB fines MNG group almost HUF 300 mln for violations

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The National Bank of Hungary (MNB) on Tuesday said it fined MNG International Investments Inc and its financial advisory division almost HUF 300 mln on charges of violations, Hungarian news agency MTI reported today.

The MNB fined the Hungarian-registered financial advisory division, MNG Investments Zrt, HUF 2.5 mln for operating without a licence. It also fined the division and its parent company HUF 130 mln and HUF 160 mln, respectively, for violating rules on public offerings of investment products.

The MNB noted that MNG Investments had operated as agents for MTS Broker Ltd and Safebroker Kft.

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