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PSzÁF fines XGA for issuing "bonds" without permit

Hungarian financial market watchdog PSzÁF on Friday said it fined asset manager XGA Vagyonkezelő HUF 70 million for issuing "bonds" without a permit. More than 300 people subscribed almost HUF 500 million of the three-year "bonds" issued in a "private placement". XGA promised investors a 10-12% annual return. XGA is under investigation for legal violations, PSzÁF said.