Court rejects OMV case brought against MOL - extended


The Economic Department of the Budapest Municipal Court on Tuesday rejected a case brought against Hungarian oil and gas company MOL by Austrian peer OMV in a first-instance ruling.


OMV filed the case in December, alleging that a single share in MOL held by the state conferring a veto right on any proposal to scrap the 10% limit on voting rights in the company charter was illegal. OMV also argued the 10% cap is discriminatory, because it does not apply to the Hungarian state. It also argued against a rule limiting the number of board members that may be called down.

The decision may be appealed within 15 days of the time the involved parties receive the ruling in writing. MOL said on Tuesday it was in agreement with the court's decision. OMV complained that the court had rejected its case for procedural reasons, rather than addressing the complaint itself. Explaining the decision, the court said no changes had been made regarding the golden share or the 10% cap on voting rights at MOL’s 2007 annual shareholders meeting that could be investigated on the basis of law. It also said OMV’s complaint about rules on calling down board members was not a matter of Civil Law but falls under the Company Act. OMV said it would decided on any further steps regarding the ruling after it receives the decision in writing. (Mti-Econews)



Business Sentiment Up, Consumer Confidence Down in September Analysis

Business Sentiment Up, Consumer Confidence Down in September

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.