Report: Liquidator taking Saxo Bank to court to reclaim Buda-Cash client assets
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.
ADVERTISEMENT
Nearly 50% of Hungarians Unsatisfied With Financial Situatio...
Parl't Approves Amendments to Legislation on Judiciary
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.
