Central bank fines two firms combined HUF 390 mln

Competition

Luxembourg-based Indumet and Hungary-based R-TAIL Concept have been fined HUF 180 million and HUF 210 mln, respectively, by the National Bank of Hungary (MNB) on charges of purchasing receivables from financial organizations without the required MNB license, the central bank announced today. 

The central bank said the companies regularly purchased receivables of banks and financial enterprises without possessing the necessary license issued by the MNB, which acts as financial market regulator.

The MNB said that it had filed criminal complaints with the related authorities in the case of both companies after discovering the violations through inquiries about extraordinary data of 400 domestic financial institutions in the fall of 2015.

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