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GVH fines Swiss Invest for false advertising of group purchase schemes

Hungary's economic-competition office GVH has imposed a HUF 2 million fine on financial-services company Swiss Invest 2009 Hungary Pénzügyi Szolgáltató Kft. for publishing misleading advertisements on group purchase schemes in the print media in the period ending on June 11, 2010, GVH announced on Tuesday.

GVH determined that Swiss Invest 2009 Hungary's advertisements did not clearly inform clients that they would not immediately receive access to the stipulated money upon conclusion of a contract with the company. GVH said advertising by the company made it appear as if it offered loans, which was misleading.

GVH imposed the maximum fine possible for the infraction and prohibited the publication of the advertisements. (MTI-Econews)