HUF 2.7bn lost by the Hungarian National Trading House

Hungarian newspaper 444.hu has launched a thorough investigation of the workings of the Hungarian National Trading House (MNKH), which revealed that the company has suffered losses amounting to HUF 2.7bn.

The Hungarian National Trading House (MNKH) was established in 2012, with the goal of boosting the export of small and medium-sized Hungarian enterprises.

Two lawsuits concluded this summer in connection with the MNKH. One of them was filed by Transparency International (TI), relating to the 2015 Quaestor brokerage scandal which was extensively covered by Daily New Hungary as well. After the scandal broke, it was revealed that both the Ministry of Foreign Affairs and the MNKH had kept billions with the company. The TI managed to expose that in 2013 HUF 9.3bn were transferred from the MNKH to Quaestor, and in March 2015, a few hours before the collapse of the brokerage, HUF 3.5bn were sent back. The MNKH claims that the HUF 5.5bn difference was used to run the company.

The lawsuit of 444 aimed to reveal how the MNKH operates, and the nature of the deals that were made with the help of the company. The MNKH agreed to disclose that they conducted HUF 2.8bn worth of business dealings between 2013 and 2016. Taking into consideration the results of the TI lawsuit, which revealed that HUF 5.5bn were used for the operation of the company, the MNKH has apparently suffered losses of at least HUF 2.7bn.