A lawsuit has been filed against the CEO of the Austrian energy giant OMV on Wednesday for illegal trading of shares, said prosecutor spokesperson Thomas Vecsey.
This oil, gas, and chemical company is among the largest energy companies in Europe and is involved in the construction project of the Nabucco pipeline, which is intended to transport gas from the Caspian region to Europe. The lawsuit against Wolfgang Ruttenstorfer pertains to the purchase of shares just before OMV’s divergence with Hungarian competitor MOL in March 2009. At that time, OMV held a 21.2 percent stake in MOL. Ruttenstorfer is accused of purchasing shares of his company for 620,000 euros on the same day he stated in an interview that OMV would retain its stake in MOL until the end of the year. Just a week later, OMV sold that stake, resulting in an increase in the value of its shares.
Market regulators believe that Ruttenstorfer may have known about this plan, which he denies, insisting that he wants to maintain his position in the company. His contract expires in April 2011. “I am convinced that the purchase of shares at that moment was correct and in accordance with regulations,” he said. The trial start date has not yet been scheduled, and Ruttenstorfer’s fate in the company is now in the hands of the board of directors. Insider trading in Austria is punishable by imprisonment for up to three years. (H)
