Hungary Starts Probe Against Banks on Foreign Loans, Nemzet Says

The Hungarian prosecutor’s office started an investigation into domestic commercial lenders over foreign-currency loans, Magyar Nemzet reported, citing the person who requested the probe.

The investigation, involving all domestic banks, is focused on possible tax evasion, the Budapest-based newspaper said, citing Arpad Kasler, head of a lobby group representing borrowers.

Kasler expects class action cases against individual banks in the future, according to Nemzet.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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