MNB fines BTel for violations

Telco

The National Bank of Hungary (MNB) today said it had fined Business Telecom (BTel) almost HUF 49 mln on charges of violating market influence and disclosure rules, Hungarian news agency MTI reported today. Hungaryʼs central bank and market watchdog has now cited BTel for violations ten times, MTI added.

In its latest resolution, the MNB fined BTel HUF 15 mln for attaching a forgery of an auditorʼs report to its 2013 IFRS report and HUF 8 bln for including false data in the report on a HUF 123 mln loan to shareholders.

The MNB fined BTel HUF 25.7 bln for failing to make extraordinary disclosures and ordered it to comply with market rules and make announcements on a privately subscribed bond issue, changes to contracts involving its XPrime targeted ad service and changes to the ownership in the company of its management within one working day of notification of the MNB resolution.

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