[*** HUNGARY IS TO TAKE IMF/WORLD BANK TO COURT FOR NEGLIGENT ADVICE ***
It is requested by Dr. Endrey to widely disseminate his following
public domain articles. I hereby comply; Dr. Andras J. Pellionisz]
Anthony Endrey, Dr. Jur., LL.B. (Hons.), QC
One of Her Majesty's Counsel for the States of Victoria and Tasmania
H-6800 Hodmezovasarhely, Hungary
Rudnay Gyula u. 2B
Phone and Fax (36) 62-342-959 August 8, 1995
Following publication of my letter dated July 6, 1995 to Hungarian
Premier Gyula Horn concerning the liablility of the World Bank and the
International Monetary Fund for negligent advice given by them to successive
Hungarian Governments since 1990 as a result of which the Hungarian state
debt has risen by more than 50% and the Hungarian national economy has been
ruined, extremely wide publicity has been given to my views in the
Hungarian Press and Radio and extensive consultations have taken place
between myself and leading Hungarian economists and other concerned citizens.
I have now been authorized to disclose that certain Hungarian citizens
are contemplating a class action on behalf of all the citizents of the Republic
of Hungary in the Supreme Court of the United States agains the World Bank
and the International Monetary Fund and their leading executives for several
hundred billions of dollars damages for negligent advice and breaches of
[undersigned] Dr. Anthony Endrey QC
[Translation from original written in the Hungarian language]
[From: Anthony Endrey, name, title and address as above]
To: Hungarian Prime Minister Dr. Gyula Horn
Dear Mr. Prime Minister:
I am a Hungarian and also an Australian solicitor with 33 years of
legal practice in Australia. For recognition of my legal services I was
appointed Her Majesty's Counsel for the states of Victoria and Tasmania.
For my qualifications in Economics I attach hereto the descriptions
published in "Nemzeti Ujsag",13 Jan. 1995.
I resettled in Hungary in May 1988, and I view with great alarm our
country's rapid economic decline, for which in my opinion the International
Monetary Fund (IMF) is in large measure responsible in conjunction with the
World BAnk for endorsing their economic policy.
In your interview with Reuters in today's press I see that you have
pointed to the damaging economic demands made by the IMF and the West in
general. With this in mind I wish to bring to your attention fundamental
rights in both the British and American legal systems. The Hungarian
Republic has a well founded right to claim damages against the IMF and
their office holders for enforcing defective economic policy, and for
incorrect advice given, thus causing severe damage and loss to the
It is a fundamental and basic right in the English and American
legal system that
1. If a person representing himself as an expert, &
2. In this capacity gives advice, knowing that the recipient relies
on it, &
3. behaves carelessly, &
4. the recipient following such advice suffers loss and/or damage
5. The advisor is liable to pay damages.
The above is regardless of the existence of any contractual relationship
between the two parties. Therefore it applies in the absence of any
contract -- known as Negligent Advice Responsibility, so-called tortious
liability, or what is in Roman law o b l i g a t i o e x d e l i c t o.
From 1990 onward, I myself watched the activities of IMF and the
World Bank with great interest, and have foreseen the above-mentioned
damages when Mr. Michael Camdessus the President of the IMF strongly
advised the Antall government that Hungary should, with greatest speed,
adopt world prices. To give such irresponsible advice, knowing that in
Hungary wages, pensions and social security benefits were, and still are,
far from world related was grossly negligent. As a result of this the
Hungarian economy has started down the slippery slope on which she has been
unable to stop.
Furthermore, exceptionally irresponsible was the repeated advice
from the IMF and the World Bank for our country to always maintain and
service the foreign $ debt.
The IMF and World Bank's expert officials must have known very
well, and indeed before 1990 it was a widely known fact, that international
loan makers had rescheduled, and even further written off large amounts of
debt in the Latin American, African and Asian countries, despite the fact
that these debts were incurred due to their own economic mismanagement, and
not, as in Hungary's case the result of foreign occupation.
Thus the negligent advice and irresponsible demands resulted in a
50% increase in the foreign debt which now unbearably depresses the
In the interest of our country, I respectfully request that you the
Minister President of Hungary give consideration to the above.
[undersigned] Dr. vitez Anthony Endrey - solicitor, British QC