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MNB revokes Buda-Cash license

Deals

The National Bank of Hungary revoked the license of brokerage Buda-Cash and initiated its liquidation, Hungarian news agency MTI reported late yesterday.

Shortfalls uncovered by the central bank and data compiled by an oversight commissioner show the brokerage firm cannot settle a large amount with its clients. The clients will be compensated from the Investor Protection Fund (Beva).

The MNB suspended the activities of Buda-Cash last week and initiated a criminal procedure. It also revoked the licenses of DRB Bank group members, which have close ties to Buda-Cash.

The scandal is thought to involve some HUF 100 bln.

The MNB said Buda-Cash is suspected of having falsified client statements.

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