Daily News Hungary

Budapest, March 4 (MTI) – The National Bank of Hungary on Wednesday revoked the licence of brokerage Buda-Cash and initiated its liquidation.

Shortfalls revealed by the central bank and data compiled by an oversight commissioner show the brokerage cannot settle a large amount with its clients. The clients will be compensated from the Investor Protection Fund (Beva).

The NBH suspended the activities of Buda-Cash last week and initiated a criminal procedure. It also revoked the licences of DRB Bank group members, which have close ties to Buda-Cash.

The scandal is thought to involve some 100 billion forints.

Source: http://mtva.hu/hu/hungary-matters

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