“Fictive bonds. Fictive financial security. Fictive rule of law. Fictive future?”
Around five hundred Quaestor clients protested in front of the brokerage company’s main Budapest office this afternoon in what organizers promised would be the first of regular Saturday demonstrations until the government fully compensates all the victims of the Quaestor brokerage scandal.
According to one of the organizers, who claims to have lost all of her savings, the purpose of the demonstration was to protest the “suspiciously large fraud, the unlawful operation of the company and the official corruption presumed to be involved”, as well as “to call the government’s attention to the serious position of Quaestor’s victims as well as their demands”.
The organizers claim that the Quaestor group, together with the Hungarian National Bank, ruined the lives of many tens of thousands of families. They are demanding compensation for all losses regardless of whether the bonds they purchased were “real” or “fictive”, claiming the central bank failed to exercise proper financial oversight when it authorized the brokerage company in October last year to issue HUF 70 billion of bonds despite knowing about problems at the company.
On March 9 it was revealed that Quaestor’s bond issuing company had sold HUF 210 billion worth of bonds since October, of which HUF 150 billion were “fictive”, that is unauthorized by the central bank and having no real economic activity behind them.
Quaestor’s victims are demanding the seizure of all assets belonging to the Quaestor group as well as its owners and their family members, including foreign bank accounts. They also demand to know what financial transactions took place between the time CEO and majority owner Csaba Tarsoly announced on March 9 the company would file for bankruptcy and his arrest 18 days later.
At 5 pm the civil demonstrators plan to join the “QuaestOrban” demonstration jointly organized by a number of political opposition parties. According to the event’s Facebook page:
Let Fidesz pay! [Prime Minister] Viktor Orbán has divided Hungary into two parts. The smaller part: the traitors—the Orbán government and its beneficiaries. Opposed to them are the many millions of those betrayed. On the one side is Orbán and his caste, on the other damaged Hungarian society.”