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Court rejects OMV case brought against MOL - extended

Issues

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)

 

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