Takarékbank: Demján made false allegations of ‘theft’


Takarékbank, which acts as a kind of central bank for Hungaryʼs savings cooperatives, denied allegations of theft made by Sándor Demján, chairman of the National Savings Cooperative Association (OTSZ) yesterday, according to reports. 

The bank denied allegations that theft had taken place during a recent integration of savings cooperatives and said that Demjánʼs accusations are not founded on truth, Hungarian news agency MTI reported.

During a press conference yesterday, Demján made the claim that an open letter he had written prevented the theft of upwards of HUF 70 billion from the assets of savings cooperatives by a “group of parasites”, according to MTI.

Hungarian savings cooperativesʼ after-tax profits fell HUF 2 bln in the years that followed 2012, while the integrated savings cooperatives experienced substantial profit growth, from HUF 200 million to HUF 3.2 bln during roughly the same period, Demján reportedly said.

Takarékbank pointed out that the theft Demján is referring to, likely happened prior to the integration of savings cooperatives three years ago and that fraud cases are currently being investigated at a number of savings cooperatives in Hungary.


SMEs Augur Higher Sales, Profit Next Year Analysis

SMEs Augur Higher Sales, Profit Next Year

Hungary, Poland Diverging in Views of Russia Int’l Relations

Hungary, Poland Diverging in Views of Russia

Hungarian-born Physicist Ferenc Krausz Shares Nobel Prize Science

Hungarian-born Physicist Ferenc Krausz Shares Nobel Prize

Celebrating Music Music

Celebrating Music


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.