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Emfesz will appeal against court decision annulling its sale

A ruling by the Municipal Court of Budapest on Wednesday annulling the sale of gas trader Emfesz is "incomprehensible" and an appeal will be filed against it, Emfesz managing director Istvan Góczi said at a press conference on Thursday.

The court annulled the sale because the judge found the language of the authorisation allowing it to be unclear, Góczi said.

Góczi, under an authorisation given him earlier, sold Emfesz to RosGas, a Russian-owned company registered in Switzerland, for a token price of $1 in May 2009. Mabofi Holdings, a company held by the owner of Emfesz's former parent company, the Ukrainian businessman Dmitry Firtash, contested the purchase in court.

Emfesz' gas trading licence was suspended for 90 days from January 13, 2011 by the Hungarian Energy Office. When asked by MTI, Góczi was unable to say whether the company would be able to meet the conditions for lifting the suspension.

Emfesz sells gas to 300,000 retail consumers, 300 local councils, 1,100 institutional consumers, 6,000 SMEs and several hundred industrial companies.