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Municipal Court Economic Dept objects to authorization allowing Emfesz sale

The Economic Department of the Municipal Court of Budapest found in a first instance ruling on Wednesday that the authorization of managing director of gas trader Emfesz István Góczi to sell the company was inappropriate.

MTI learnt from Emfesz only that the court "objected" to Góczi’s authorization in the decision. Emfesz said it will appeal the ruling. Góczi will announce details on Thursday.

Góczi, availing of an earlier authorization, sold Emfesz to RosGas, a Russian-owned company registered in Switzerland, for a token price of USD 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 sells gas to 300,000 retail consumers, 300 local councils, 1,100 institutional consumers, 6,000 SMEs and several hundred industrial companies.