PM: I told ministries to withdraw from Quaestor


Hungary’s Prime Minister Viktor Orbán today said that he personally urged government ministries to withdraw their money from Quaestor investment house because he suspected that the scandal a few days earlier at Buda-Cash brokers would set off a domino effect, bringing down independent Hungarian brokerages, Hungarian online daily reported.

The prime minister was responding to a journalistʼs query, at a press conference in Sopron, about why the Hungarian Foreign Ministry withdrew its money from Quaestor just before the investment firm became insolvent. Orbán said that, watching how individuals and municipalities saw their monies being frozen at Buda-Cash, he told government institutions to withdraw money from all brokerages.

MNKH, a state-owned company supervised by the ministry, reportedly signed an agreement with the brokerage arm of the Quaestor group in March 2013 and had assets amounting to HUF 3.9 bln at the troubled brokerage house. 

According to the ministry, MNKH decided to withdraw its capital from Quaestor on March 5. Quaestor declared insolvency on March 9 and filed for bankruptcy on March 19. According to, even though MNKH reportedly made the decision to withdraw its assets from Quaestor on March 5, the actual transaction did not take place until March 9, the same day Quaestor reported insolvency.

The Ministry of Foreign Affairs issued a press release yesterday, saying it "did not acquire any illegal information whatsoever” in response to allegations that the ministry had insider information about the instability of Quaestor. The ministry statement also said that “Quaestor has always complied with all regulations in the past”.

Ownership hassle

In a related development, Hungarian online daily, citing public records, said that not long before Quaestor went bankrupt, there was a change in leadership, under which Csaba Tarsoly, who had been the owner and CEO of the brokerage, was changed with Béla Orgován.

An investigation by published yesterday indicated that Orgován had been in prison many times and he never finished elementary school.

Driven by media criticism of Orgován’s promotion to Quaestor’s owner, Tarsoly told Hungarian news agency MTI that he is taking back his position at the brokerage. He said that he made a mistake to do as his “reorganizational consultant suggested” and he unwillingly gave the “false impression” that he was trying to escape from being made responsible for the situation at Quaestor.


Mapei Targets 6% Higher Revenue This Year Figures

Mapei Targets 6% Higher Revenue This Year

Parliament Negates Mandatory Membership in MOK Parliament

Parliament Negates Mandatory Membership in MOK

Number of Residential Developments in Cities Falls 9%  Residential

Number of Residential Developments in Cities Falls 9% 

Veronika Spanarova Wins Expat CEO of the Year Award 2023 Awards

Veronika Spanarova Wins Expat CEO of the Year Award 2023


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.