Fidesz submits strict brokerage bill

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

According to the news agency, the bill aims to prevent "consolidations of companies affected by the broker scandal, cheating brokers, and the heads, owners, supervisory board members and certain auditors of the companies" from concealing their assets, according to the attached justification. The bill would also require them to "take responsibility for the damages they have caused".

Caucus leader Antal Rogán said yesterday that the bill in question would set “unprecedentedly strict rules concerning brokerages subject to bankruptcy procedures”, adding that not only will the assets of brokerage firms allegedly involved in the fraud be frozen but those of the entire group to which they belong will be frozen as well. According to Rogán, the legislation also calls for freezing the assets of company managers and owners who are suspected of having been involved in prosecuting the fraud.

The proposal is scheduled to be discussed by the economic committee this morning.

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