Regulatory fine of OMV upheld by court


The Budapest Municipal Court has upheld a decision by Hungarian financial market regulator PSzÁF to fine Austrian oil company OMV Ft 25 million for influencing the market.

OMV already filed an appeal against the first-instance court decision with the Municipal Court of Appeals, though PSzÁF said the court has not yet set a date for a hearing. If the Court of Appeals upholds the PSzÁF decision, OMV may submit a request to the Supreme Court to examine the case.

PSzÁF fined OMV last September for making purchases of shares of Hungarian peer MOL in the period after June 15, 2007 as well as for misleading investors when it announced it was prepared to offer Ft 32,000 per share to shareholders of MOL. In its decision, PSzÁF said the announcement misled investors, even though OMV said it was not a public purchase offer.

OMV had to pay the fine within 30 days of receipt of the PSzÁF decision.

OMV raised its stake in MOL over the 10% limit on voting rights in June 2007. The measure was seen as a hostile takeover attempt by MOL's management. (MTI – Econews)


Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga Analysis

Gen Gov't Deficit to Reach 6.1% of GDP in 2022 - Varga

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.