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.


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