Norbi Update receives HUF 1 mln fine from central bank
The National Bank of Hungary (MNB) fined Hungarian lifestyle and nutrition franchise company Norbi Update Lowcarb Nyrt. HUF 1 million on charges of failing to comply with disclosure requirements, the central bank said today according to reports.
Shobert Norbert, the owner of Norbi Update Lowcarb Nyrt. (Photo: Official Facebook page of the company)
The MNB said that the company posted information and announcements on its official Facebook page and in the press that were not submitted on time or at all to the financial market watchdog, and as such were in violation of disclosure rules, according to reports. The central bank warned the company to refrain from such practices in the future.
Beyond the aforementioned fine, the central bank is currently investigating the company for losses it suffered through a brokerage scandal, according to Hungarian online daily index.hu.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.