MNB raided Buda-Cash on suspicious transactions
The National Bank of Hungary (MNB) raided Buda-Cash brokerage after it noticed suspicious securities transactions at small banks that had ties to the brokerage's owners, central bank spokesman István Binder said on state-owned Kossuth radio today, emphasizing that MNB acted on its own in the matter, without receiving any notification or conducting hearings beforehand.
According to earlier reports, János Bánati, the lawyer for Buda-Cash CEO Péter Tölgyesi, said his client had asked to speak with the central bank's heads prior to a raid on the brokerage and informed them that some HUF 100 bln had gone missing among a "familiar" circle of people.
The MNB recently revoked the licenses of Buda-Cash and a number of banks closely linked to it. Hungary's National Deposit Insurance Fund (OBA) is paying more than HUF 100 bln to the clients of these banks.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.