The Budapest Court of Appeal sentenced two top managers of Globex Holdings, a holding specialised in luxury home construction and securities trading, to prison terms for embezzlement and other crimes committed in the 1990s.
Managers Laszlo Vajda and Gyorgyi Vellai caused losses of over 6 billion forints (EUR 22m) to hundreds of small investors and local councils.
Vellai has now been sentenced to six years and Vajda to four years in prison for embezzlement, negligent management, fraud and the falsification of documents.
The Court of Appeal aggravated the sentence of a lower court, which meted out a prison term of two years and a half to Vellai and 20 months to Vajda back in 2006.