Shareholder contests OTP AGM decisions at court

Telco

Photo by Jessica Fejos

OTP Bank said that one of its shareholders contested at a Budapest court several decisions from the bank’s AGM, held on April 15 of this year, Hungarian news agency MTI reported yesterday.

(Photo: Jessica Fejos)

The bank said that the shareholders asked the court to repeal as well as suspend the execution of the AGM decisions regarding the bankʼs annual Hungarian-standard unconsolidated report and the IFRS consolidated report, the decision on the after-tax profit, as well as a decision mandating the board to purchase the bankʼs own shares.

Though the court rejected the request for the suspension of the AGM resolutions, it will discuss the content of the filing, the bank said.

On April 15, the shareholdersʼ meeting approved the boardʼs proposal to pay a HUF 46.2 bln dividend - about HUF 165 per share - on the year 2015. OTP Bank had unconsolidated after-tax losses of HUF 98.1 bln and consolidated profit of HUF 63.2 bln last year.

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