Takarékbank: Demján made false allegations of ‘theft’

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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.

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