Ruttenstorfer Acquitted

People ♦ Published: January 28, 2011; 10:39 ♦ (Vindobona)

The trial against Ruttenstorfer, CEO of the Austrian oil company OMV took place yesterday. Ruttenstorfer had been charged for insider trading.

Ruttenstorfer Acquitted / Picture: © Flickr / European Bank for Reconstruction and Development

As expected, Wolfgang Ruttenstorfer pleaded not guilty of insider trading. The prosecutor charged him because of the acquisition of OMV shares under its stock option program.

Shortly after the purchase of OMV shares in March 2009, the Hungarian MOL investment was surprisingly sold to the Russian Surgutneftegaz. Ruttenstorfer had previously announced in an interview that the stake…