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29th November, 2018

Buda-Cash saga reloaded

Although the written ruling has not yet been completed, an appeals court has ordered a new trial in the lawsuit filed by victims of the defunct brokerage Buda-Cash, who have claims against Denmark’s Saxo-Bank, Index learned.

According to the November 14 ruling the new trial must be held in Denmark.

A Hungarian court earlier ordered Saxo-Bank to pay Ft 1.2 billion and €2.5 million and default interest to victims and to return equities owned by them.

Buda-Cash had transferred some clients’ assets to Saxo-Bank, which itself has claims against Buda-Cash.

The ruling is bad news for the plaintiffs, who have been engaged in a court case in Hungary for two years, apparently to no benefit, Index observes.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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