V.I.P. CLIENTS COULD ONLY WIN AT K&H

The former leaders of K&H knew about Attila Kulcsár’s and his partners’ illegal transactions but they did not report these informations to the authorities – claims Attila Kulcsár in his confession.

He also spoke about the practice that losses of transactions of V.I.P. clients had been written off on other clients’ deposits. Attila Kulcsár was 25 when he was employed in K&H following an advertisement in 1998 and soon was elevated to the post of portfolio manager. His chief supporter was Csaba Kerék and it was Henrik Schönthal who offered his off-shore companies for money laundering. Henrik Schönthal who lives now in Florida probably received 8-10 pc of the total sums laundered.

Rezső Nyers, secretary general of the Hungarian Bank Association said his organization had no right to start investigations in the matter of transactions made by its members, the criminal procedure has been carried out by the authorities as the Bank Association provides only the legal background of banking operations.

Translated by Péter Szentmihályi Szabó