ING Insurance Co.
ING House, Amstelveenseweg 500
1081 KL Amsterdam
The Netherlands
July 3, 2013
Attn: Mr. Michel Tilman, CEO
Mr. Jan Hommen, CEO
Mr. Peter Elverding, Chairman of the supervisory board
Subject: Legal dispute between ING Hungary and myself
Dear Sirs,
This letter will be my very last attempt to resolve our legal dispute privately before I take my story to the
public. Until now, I have made every possible effort to resolve my dispute locally, but have so far been
unsuccessful. During 2012, my brother, our legal team and myself personally met with Mr. Borza, CFO of
ING, and his staff multiple times to resolve my legal dispute. In mid-December of 2012, my brother made
another request to Mr. Borza for a personal interview for possible resolution.
According to Ms. Coman, CEO of ING Insurance of Hungary, as of June 2013, she had not been made aware
of my legal dispute. When she heard about it on June 12, 2013, the day we received the final judgment, she
immediately contacted my brother and arranged for a personal meeting with him at the corporate office on
June 24, 2013. In addition to this, she requested that no information in any format on any media be released
until we personally met.
Two days before the actual meeting would have taken place, a phone call was received from her office
requesting the cancellation of the meeting due to the fact that she had to forward all the information to the
Head Corporate Office in Amsterdam for final review and decision. I have not heard from her since.
I have very serious doubts that the information was ever sent to you, or if it was, that you were actually
informed of all the issues. I believe that ING Corporate in Amsterdam has no idea what is really happening. I
strongly believe that ING Corporate in Amsterdam would have never allowed ING Hungary to commit the
series of crimes against the Hungarian people as they have been doing so for many years. Based on my
brother's 30+ years in the western corporate world, such an illegal action could have never happened,
especially in the financial world.
The story began in 2006 when I signed a 10 year “unit-linked” contract with ING Hungary. All went well
until 2009 when the insurance company increased the cost of switching from one portfolio to another by
270%. Although I did not appreciate it, I accepted it as such. A year later the insurance company further
increased this cost by eliminating the maximum ceiling, and set the cost for 0.5% of the exchanged value.
This cost increase actually meant a 333 times cost increase in relationship to the original contractual
agreement.
Obviously, I protested this huge, illegal and unjustified increase, and was forced to take it to court.
On May 22, 2012, the case was heard on second appeal and I received a final judgment in my favor. The
Insurance Company did not accept this ruling and took the case to the Hungarian Federal Court of Appeal
(Kuria) for review.
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The hearing at Federal Court was held on June 12, 2013, and the court accepted and left the second appeal’s
ruling “as is”. In other words, now the second appeal's ruling became the final word.
What does it really mean for the ING Insurance Company?
With this ruling, anyone in Hungary who's legal rights have been affected by ING can go to court and
automatically win the case against ING Insurance Company.
ING Insurance Company has so far ignored the Second Appeal's ruling which took place on May 22, 2012,
thereby committing an illegal act. Furthermore, the ING Insurance Company as of July 2, 2012 one-sidedly
modified all the financial points of the general terms and conditions for all customers. (approx. 350,000
customers) In Hungary, federal rule strictly controls and prohibits all “one-sided legal modifications in all
legal contracts.”
With the Supreme Court's ruling on June 12, 2013, the legality of my claim is federally guaranteed, and the
claim for financial compensation is certain.
My brother has made several efforts to work out an "out of court settlement” with the insurance company, but
they simply refuse to deal with this issue. Personally, I have spent the last three years in court defending my
rights, and based on that ordeal, I wish not to get into another several years of needless legal procedures.
I maintain my rights for full financial compensation and will do whatever it takes to achieve this goal. If I
cannot resolve my claim for compensation in an "out of court” settlement, I will immediately and
automatically file a class action suit against ING Biztosito Zrt.
In my claim, I will disclose all the illegal justifications and illegal actions committed by ING against the
Hungarian people. This will include the following:
1.
2.
3.
4.
5.
6.
Hiding losing portfolio's true values
Manipulating losing portfolio's true starting dates
Manipulating with the true values of portfolios
Grossly misrepresenting and over valuating portfolio's true values
Hiding – misleading customers with falsified yield information
Artficial manipulation for gains and losses, always to the benefit of ING and to the loss of the
customer
7. Manipulating with the yield calculator
8. Corrupt relationship between ING Insurance and Federal Regulatory Agency (PSZAF)
9. Falsification of legal documents
10. Hide important relevent information
11. Defraud the public
Complete details about illegal activities done by ING Biztosito Zrt. can publicly be found at:
http://biztositobank.hu/
I would also like to point out that on December 17, 2012, Mr. Borza submitted a written order to my brother
to immediately remove all his postings on his website which hurt the image, good name and reputation of ING
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Biztosito Zrt. In his letter, Mr. Borza also threatened my brother with a lawsuit if he did not comply with Mr.
Borza's request.
My brother responded via email that all postings are true facts, and will remain there „as is”. He also told Mr.
Borza that if he finds any information on the web which is not factual information, just advise him and he will
immediately and automatically remove those posts. Obviously, no lawsuit has been filed against him.
Mr. Borza must be aware of the gravity of the offenses committed by ING Hungary by now. If my brother
had been questioned by the federal authorities regarding the information on his website, all the details of this
case would have immediately and automatically become much wider a public knowledge.
Currently, the website can be viewed by the public and all the information contained on it is in its orginal form
as provided by ING Hungary. It is just a matter time before all the information becomes public knowledge.
Late last year, my brother also advised the Ministry of Justice about this case. They forwarded all the
information to the "Hungarian Financial Supervisory Authority” (PSZAF) for review. They requested to be
informed in writing about the outcome of the investigation which is due now.
In conclusion, my responsibility is to give you the final opportunity to be made aware of my case and all
pertinent information regarding it. Ultimately, you have the final word to determine how much responsibility,
as well as incalculable consequences your company is willing to bear.
I wish to point out that at this point I have absolutely nothing to lose as we have explored and exhausted all
available legal options. My legal team and the media is prepared to act as early as the beginning of next
week. It is my hope and sincere desire that it will not come to this and that we can instead arrive at a mutually
acceptable resolution.
Should you have any question or concern regarding all the above, my brother Mr. Placz is available to answer
all questions and/or provide additional information. He may be reached at:
+36-30-415-4919
Email: placz@t-email.hu
Sincerely,
Gyimesi Albertne
Oz Utca 9
6000 Kecskemet
Hungary
Cc:
Ms, Cornelia Coman, CEO
Mr. Gabor Borza, CFO
Mr. Zsolt Sore, Chief Legal Counsel
Ms. Szalaine, Chief Risk Officer
Mr. Zoltan Zelles, Head of Legal Counsel
Ms. Katalin Szegvari, Media Representative
Mr. Joseph Placz, Brother, co-plaintiff
Mr. Tibor Takacs, co-plaintiff
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