Ministry: We did not have insider information in Quaestor case
Although a state company within the Ministry of Foreign Affairs pulled out of Quaestor just days before the investment house became insolvent due to alleged fraud, the ministry yesterday denied prior knowledge of Quaestorʼs problems.
The Ministry of Foreign Affairs "did not acquire any illegal information whatsoever”, a press release issued yesterday by the ministry stated, in response to allegations that the ministry had insider information about the instability of Quaestor. The ministry statement also said that “Quaestor has always complied with all regulations in the past”.
MNKH, a state-owned company supervised by the ministry, signed an agreement with the brokerage arm of the Quaestor group in March 2013 and had assets amounting to HUF 3.9 bln at the troubled brokerage house.
According to the ministry, MNKH decided to withdraw its capital from Quaestor on March 5. Quaestor filed for bankruptcy on March 19, ten days after it reported insolvency. “Since MNKH owned government bonds and not bonds issued by Quaestor, the withdrawal of their capital could not contribute to the insolvency of Quaestor”, the ministry added.
In fact it is likely that the lack of capital in Quaestor was caused by any withdrawals, regardless of the type of investment.
According to index.hu, even though MNKH made the decision to withdraw its assets from Quaestor on March 5, the actual transaction did not take place until March 9, the same day Quaestor reported insolvency.
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