The Ministry of Complaints, Protest, Rejections and Summoning

The Hungarian Ministry of Foreign Affairs and Trade has issued 51 press releases over the last two weeks. Of these releases 23 (45%) have been complaints, rejections, protests or other strongly worded statements. Continue reading

Quaestor: curiouser and curiouser by the hour

Last minute update: Quaestor Hrurira has not filed for bankruptcy to this very moment according to HVG.

This morning Prime Minister Mr. Viktor Orbán responded to a question of a journalist whether he was not concerned that the Ministry of Foreign Affairs had withdrawn funds from Quaestor just before it went bankrupt: Continue reading

Ministry claims it did not have insider information

Update to the Quaestor update

The Ministry of Foreign Affairs and Trade has informed Index this morning that the Hungarian National Trading House, that is controlled by the ministry, opened a securities account in March 2013 at Quaestor. The balance of the account was HUF 3.8 bn (around €12.5 mn) in March 2015. The account, which held government securities only, was terminated on 5 March. (The operations of the brokerage of Quaestor was suspended on 9 March.) The ministry claims that it had no insider information about the imminent bankruptcy of the company and that the withdrawal of the government securities did not contribute to the collapse of Quaestor.