Czech investment service provider Capital Partners plans to file a complaint with the European Commission as well as the Czech Foreign Ministry over the steps taken against it by Hungarian authorities, the company said on Thursday.
Hungarian financial market regulator PSZAF said on February 23 it had removed Czech investment service provider Capital Partners and its agents in Hungary from the list of entities its oversees with immediate effect. With the decision, some 70 private individuals and companies lost the right to act as Capital Partners’ agents in Hungary.
PSZAF found Capital Partners had broken laws governing investment services and it referred the company to the police on suspicion of fraud.
In September, PSZAF referred Capital Partners to the Competition Office (GVH) for unfair business practices after it found an investigation that the company misled clients, pursued aggressive sales tactics and operated its network of agents in a way that was not transparent.