MNB prohibits Goldstein Ltd. from unlicensed activity, launches probe

Analysis

Photo by Adriana Iacob/Shutterstock.com

The National Bank of Hungary (MNB) today said it had banned the U.K.-based Goldsten Limited with immediate effect from collecting deposits or other repayable financial assets without a licence, according to Hungarian news agency MTI.

Photo: Adriana Iacob / Shutterstock.com

The company has promised its clients unrealistically high yields and a guarantee on principal. 

The MNB has launched the investigation to establish whether the company collects deposits or other financial assets on a business basis, something that requires permission from the MNB under the law.

The MNB has also filed a criminal complaint on the matter.

Goldsten Limited has no licence to perform such activities in Hungary.

The MNB said it had already issued a warning earlier to consumers on the matter.

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