Prosecutor to seek suspended sentence against Princz

The prosecutor is seeking a suspended sentence for former Postabank head Gábor Princz, on charges of misuse of funds to a value of Ft 35 billion. Addressing the Budapest Municipal court in his closing statement, the prosecutor cited attenuating circumstances, such as the ten years since the crime and Princz's clean slate since.

Princz spent most of the past ten years in Vienna before returning to face charges. He pleads innocent on all counts.

Princz and his fellow accused broke the law in 1995-97, by pursuing a flawed business policy, misleading the owners of Postabank and state authorities, failing to set aside proper reserves and falsely presenting a picture of a well-functioning bank, the prosecutor said.

The court of first instance is expected to issue a ruling in July.

The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.

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