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Report: Liquidator taking Saxo Bank to court to reclaim Buda-Cash client assets

MNB

Penzügyi Stabilitasi és Felszámoló (PSFN), a non-profit liquidator owned by the National Bank of Hungary, has launched a court proceeding against Saxo Bank, to reclaim securities and cash invested in the Danish bank by Hungarian brokerage Buda-Cash, on behalf of clients of the failed brokerage, Hungarian daily Világgazdaság reported yesterday.

More than 200 securities, and cash, valued at a total of approximately HUF 12 billion remain in Saxo Bank accounts according to the daily. In its defense, the Danish bank reportedly said it is holding back assets to cover debt accumulated by Buda Cash clients following the elimination of the cap on the Swiss franc to the Euro in January of last year.

Boutique brokerage Buda-Cash went under liquidation in March 2015 following fraudulent activity that was allegedly carried out by the firm over the course of a decade.

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