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Official: PM acted before receiving Tarsoly’s letter

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Although Hungary’s Prime Minister Viktor Orbán did receive a letter from Csaba Tarsoly, CEO of the now insolvent brokerage Quaestor, a government spokesman said the letter was not received until March 9, the same day on which Tarsoly briefed the central bank about the situation. Orbán had instructed the ministries to pull out off brokerages on February 25, government spokesperson András Giró-Szász told commercial channel ATV yesterday.

Giró-Szász said that the Prime Minister was not in a position to take action on March 9, and rejected reports suggesting that the government had received insider information, referring to such reports as "baseless accusations driven by political motives."

According to the spokesperson, Tarsoly said in his letter that he planned to announce Quaestor’s bankruptcy and added that the company had HUF 300 bln in real estate and investments that could be used in the future to alleviate any damages caused to the 50,000 clients, as well as retain 800 jobs and preserve the reputation of the finance and capital market.

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