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PSzÁF fines Magyar Telekom for failing to publish audited report

The State Financial Supervisory Authority (PSzÁF) announced on Tuesday it fined incumbent telco Magyar Telekom Nyrt Ft 6 million for failing to publish its audited annual report approved by shareholders for 2005.

The board of Magyar Telekom announced on April 26 that the company's annual general meeting, which must approve the annual report, would be delayed further because of an ongoing internal investigation related to two contracts for consultancy services entered into by one of its subsidiaries. As a result Magyar Telekom could fail to meet deadlines prescribed by Hungarian law and could be subject to penalties in Hungary and the US, the board warned at the time. The board has still not set a date for the AGM.