ADVERTISEMENT

MNB fines unauthorized investor HUF 275 mln

MNB

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) imposed a fine of HUF 275 million for the unauthorized collection of funds to be repaid by Attila U. and permanently prohibited its continuation, writes Világgazdaság.

Photo by Adriana Iacob/Shutterstock.com

The investigation confirmed the suspicion that Attila U. had received billions of funds from several Hungarian investors, referring to the resale of the products of Firefliesʼ international accommodation brokerage sales system to other persons.

He promised them a guaranteed return with an increased return of 18% in just 2-3 months.

In reality, however, Attila did not engage in any commercial activity with the sums transferred to him, but he temporarily effectively convinced investors that the promised transactions had indeed taken place.

The individual does not and did not have a central bank activity license to collect or accept deposits or other repayable funds, the economic daily adds.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

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.