Ruttenstorfer Fine Confirmed

People ♦ Published: January 22, 2011; 13:35 ♦ (Vindobona)

The fine imposed to the CEO of Austrian OMV, Wolfgang Ruttenstorfer, for market manipulation, remains standing.

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

The appeal by Wolfgang Ruttenstorfer against the verdict of the Financial Market Authority (FMA) was not successful. The Unabhängiges Verwaltungssenat (UVS, Independent Administrative Senate) confirmed in second instance, the penalty of € 20,000 imposed by the FMA.

The accusations against Ruttenstorfer are related to a mid-March 2009 interview in which he excluded the sale of…