Quaestor owner says no assets stripped from group

Deals

Quaestor Group majority owner Csaba Tarsoly (pictured) told Hungarian news agency MTI yesterday that despite news reports, no assets had been stripped from any members of the group, and he said a plan was currently being designed in order to preserve the value of the group’s assets in the interest of the clients.

Quaestor Group came under scrutiny on suspicion of fraud after its clients panicked following the Buda-Cash brokerage’s scandal. Earlier in March, the National Bank of Hungary (MNB) appointed an oversight commissioner at Quaestor Securities Trading and Investment Company after an audit revealed a member of the group had issued HUF 150 bln of questionable securities, MTI noted.

Companies supervised by the Ministry of Foreign Affairs were Quaestor clients, and the ministry has not denied that Magyar Nemzeti Kerekedőház, Magyar Export-Import Bank and Magyar Exporthitel Biztosító, among others, could be effected by one of the largest brokerage scandals in the country, index.hu reported yesterday

Governing Fidesz MPs yesterday submitted a bill to the Hungarian Parliament on "securing assets for the compensation of victims of broker scandals", referring to fraud on an unprecedented scale recently uncovered at the Buda Cash and Quaestor brokerages.

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