Hadházy files complaint against István Tiborcz for stock exchange fraud and insider trading
Ákos Hadházy has filed a complaint against István Tiborcz on suspicion of insider trading, fraud and embezzlement in connection with Alteo shares. According to economx.hu, the case may involve damages of several billion forints.
Hadházy files complaint against Tiborcz in Alteo shares case
According to economx.hu reporting, former parliamentary representative Ákos Hadházy has filed a complaint against István Tiborcz on suspicion of insider trading, fraud and embezzlement in relation to transactions connected to shares in Alteo Rt.
"Tiborcz alone could be taken in tomorrow just because of this stock exchange crime," Hadházy quoted from a source he described as "a very serious and high-ranking expert", who told him this a few weeks ago. Since no news appeared in the press about proceedings having been initiated, Hadházy decided to file the complaint himself.
According to the former representative, in the two weeks that have elapsed since filing the complaint, he has not received a rejection from the police, from which he concludes that the case is under investigation. By contrast, the stock exchange supervisory body run by Mihály Varga at the Hungarian National Bank has already closed the complaint from minority shareholders and found everything in order.
The essence of the case, based on Hadházy's description, is as follows: one of Tiborcz's companies acquired another company at "horrifyingly inflated" prices, whilst the purchasing company – Alteo Rt. – had numerous minority investors as partial owners. Tiborcz subsequently withdrew from Alteo, leaving behind the company that proved worthless. When it became public that the acquired company was worth a fraction of what had previously been assumed, Alteo shares fell 25 per cent. According to Hadházy, Tiborcz exited his position precisely before the negative news became public.
Hadházy also added that according to his information, the Tiborcz family is currently staying in Hungary.
Source: Google News HU — Crime (hu)