Magyar Telekom to reconvene EGM on November 6


Magyar Telekom Nyrt announced on Wednesday it will continue on November 6 an extraordinary general meeting of shareholders suspended on October 9.

On the agenda for the meeting are appointments to the boards. The October meeting was suspended before shareholders could vote on management appointments because more time was required to prepare for the changes considering amendments to the company charter.
Magyar Telekom earlier announced it would convene an EGM on November 15 to approve the 2005 financial report and decide on paying dividend. The report may only be produced, however, if an investigation into contracts at Magyar Telekom's unit in Montenegro is completed.
After the AGM on October 9, Magyar Telekom said it had still not closed the investigation, which has delayed the payment of shareholders' dividend since spring. It also noted that, during the course of the investigation, Magyar Telekom's auditors had discovered two more contracts which did not appear in the books in addition to the two contracts which were the reason for the investigation. The contracts being investigated were worth a combined Ft 1.095 billion. The investigation has so far cost the company Ft 3.1 billion.


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