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GVH fines Hild Life Annuity Program owners for false claims

Hungary's Competition Office (GVH) on Thursday said it had fined Örökjáradék Property Investment Zrt Ft 500,000 and Hild Property Investment Kft Ft 13 million for making false claims about the companies' Hild Life Annuity Program.

The GVH said the companies had wrongly claimed that Deutsche Bank London was an investor in the program. They also said the bank was financing the program with €40 million, though the amount was less and only available for a limited amount of time. The GVH also said the companies made unsubstantiated claims that the Hild Life Annuity Program was the most secure in Hungary.
Responding to the fines, the owners of the program noted that the GVH had found nothing illegal in the companies' contracts. They also said the GVH decision was based on journalists' misinterpretations at press conferences called by the companies.