12 January 2012 14:59 [Source: ICIS news]
LONDON (ICIS)--An Austrian appeal court has upheld the not guilty verdict that cleared ex-OMV chief executive Wolfgang Ruttenstorfer of insider trading charges, the court said on Thursday.
A bid by the prosecution to have the January 2011 verdict overturned was rejected by a three-judge panel at the Upper Court of Vienna, it added.
Ruttenstorfer consistently denied allegations that he was involved in any wrongdoing when he bought €620,000 ($785,000) of OMV stock in March 2009.
The transaction more than doubled his holding in the company shortly before its share price rose after it sold a 21.2% stake in rival oil, gas and petrochemical group, Hungary’s MOL, to Russia’s Surgutneftegas.
Days before the divestment, Ruttenstorfer told an Austrian magazine that OMV would keep hold of its MOL stake for the remainder of 2009.
Ruttenstorfer was CEO of OMV from 2002 until March 2011.
($1 = €0.79)
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