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OMV boss with possible prosecution

Published: August 20, 2010; 17:58 · (Vindobona)

OMV CEO Wolfgang Ruttenstorfer maybe confronted with prosecution in the current proceedings against him as reported by Presse.

OMV boss with possible prosecution / Picture: © Flickr / European Bank for Reconstruction and Development

The investigators and the court have found evidence which could justify an indictment against the manager.

OMV spokeswoman Michaela Huber emphasized that all the investigations confirmed that Ruttenstorfer "always acted correctly" and in any case must be assumed innocent.

Ruttenstorfer has acquired OMV shares for about €632 000 ($813 770). In a newspaper interview the same day he declared that the Group would keep the 21.2 percent stake in the Hungarian MOL until the end of the year. A week later however OMVs MOL stake was sold to the Russian Surgutneftegas.

The question now is, when did Ruttenstorfer know about the deal. He says the negotiations with the Russians started on the 26th, however there were confirmed meetings on the edge of an OPEC conference on the 15th, but apparently not concerning the OMV's stake in MOL.

At the end of July, the Financial Market Authority (FMA) completed a survey and forwarded a report to prosecutors. A spokesman for the prosecutor said at the "Press" inquiry, that there is a final report. However he may not comment on the content. The argument of Ruttenstorfer that he did not convert the positive share development to money is irrelevant says the FMA.

The argument is not about whether a profit was made, but whether insider information was exploited, they argue.

OMV spokeswoman Huber also emphasized that there are expert opinions of leading capital market lawyers who confirmed the legal compliance of Ruttenstorfer’s actions. The decision on whether charges are pressed can only be expected as early as September or October.

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