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.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
