Opposition disappointed with Quaestor bill

Budapest, December 15 (MTI) – The government-initiated bill aimed to compensate victims of failed brokerage Quaestor will only “make their losses irreversible”, a Socialist deputy told a press conference on Tuesday.

Parliament on Tuesday passed a law for providing compensation to victims of failed brokerage Quaestor. Under the new law which took into account Constitutional Court recommendations, compensation with an upper limit of 30 million forints (EUR 95,000) per claimant will be offered to a redefined group of fraud victims.

Claimants joining the compensation fund will be placed into two categories. The compensation amount is calculated by deducting from the principle any yields gained in the past as well as an extra 11 percent reflecting investment risk on amounts exceeding 3 million forints.

Speaking ahead of the vote, Laszlo Szakacs said investors will be reimbursed up to 40-50 percent of their investments and lose yields generated over several years. Neither will they recoup investment-related taxes paid earlier, said, adding that claimants would also be required to waive any rights to file suits for the remaining amount, the deputy added.