Court partly reduces judgments in Buda-Cash case

Issues

Shutterstock.com

The Budapest appeals court Fővárosi Itélőtábla confirmed the sentences the two main defendants received in a case involving failed independent brokerage Buda-Cash and reduced the sentences of the three other defendants in a binding ruling on Thursday, state news wire MTI reports.

Image: Shutterstock.com 

In October 2018 the Municipal Court of Budapest ruled that the five Hungarians were guilty of embezzlement and sentenced each to seven years and six months in prison, minus time already served.

The appeals court maintained the sentences for the first two defendants but reduced those for the other three defendants to six, five, and four years, respectively. It argued that they cannot receive a similar sentence.

The current ruling also annulled the confiscation orders issued by the first-instance court arguing that such steps would make civil liability claims against the defendants impossible.

Buda-Cash went under liquidation in 2015, after it came under investigation for suspected criminal activity. Authorities made arrests after uncovering fraudulent activity at the brokerage going back more than a decade. The National Bank of Hungary estimated investors may have lost as much as HUF 100 billion as a result.

ADVERTISEMENT

Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga Analysis

Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.