In addition, 13 current and former pension fund executives were fined a combined Ft 59 million.

The MNB’s inquiry revealed that the CEO and other executives were able to buy apartments in fund properties at a discounted price compared to the list price.

The property development was registered in the reserve containing members’ savings, so the unjustified discounts reduced the yields of the fund, leading to financial losses for the voluntary pension fund’s members.

The violations did not affect the long-term sound and stable operation of the fund, the MNB added.