• Magyar Telekom confirmed it had received a request from the Central Bank of Hungary for additional information over an alleged delay in the disclosure of inside information, in relation to its failed divestment of T‑Systems Hungary.

T-Systems Hungary divestment leaves Magyar Telekom in hot water

T-Systems Hungary divestment leaves Magyar Telekom in hot water

Source: Bence Boros / Unsplash

Magyar Telekom (MT HU) confirmed it had received a request from the Central Bank of Hungary (MNB) for additional information over an alleged delay in the disclosure of inside information, in relation to its failed divestment of T‑Systems Hungary (T‑Sys HU) in December 2019 (Deutsche Telekomwatch, #90). The prospective buyer, Hungarian IT service provider 4iG, was fined HUF 5m (€14,860) for providing incorrect information relating to the timing of the deal’s collapse. The bank added that although MT HU had correctly specified the date of the disclosure of the inside information, it had not adequately justified the reason for the delay in its disclosure, and requested that the NatCo submit the additional information within three working days. The reasons for 4iG’s withdrawal from the deal remain a mystery. The two providers agreed a provisional deal in July 2019, and before pulling out, 4iG had confirmed it had completed due diligence on T‑Sys HU (Deutsche Telekomwatch, #85 and #88).