MNB revokes Quaestor license, facilitates client compensation
The National Bank of Hungary (MNB) said on Friday that it had revoked the license of brokerage Quaestor and ordered it under liquidation, thus enabling the compensation of its clients, Hungarian news agency MTI reported.
The decision to revoke Quaestorʼs license was reached in light of the brokerage being unable to repay its debts, and follows an assessment that the company’s property and assets were insufficient to settle its liabilities, the MNB said.
The brokerage allegedly received permission from MNB to issue HUF 70 billion in corporate bonds, but wrongly issued an additional HUF 150 bln in bonds that were not sanctioned. Quaestor clients will be compensated up to HUF 30 mln each from the Investor Protection Fund (Beva) and the Quaestor Client Compensation Fund, the MNB added.
Questions have arisen over whether officials in the government had insider information about Quaestorʼs problems, but officials deny that charge.
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