English
Wolfgang Ruttenstorfer, the CEO of the OMV Group, majority shareholder of Petrom, was charged with insider trading, Thomas Vecsey, the spokesperson the Prosecutor"s Office of Vienna announced yesterday, as quoted by Reuters.
Wolfgang Ruttenstorfer yesterday said he is convinced that his purchase was done correctly and in compliance with the rules, according to Bloomberg, quoted by Mediafax. The CEO of OMV expects the charges to be reviewed by the Supervisory Board of the Group.
In April 2009, the Austrian financial watchdog FMA announced that it was investigating chief executive of Austrian oil and gas group OMV, over a share trade he made. On March 23, Wolfgang Ruttenstorfer bought 620,000 euros ($801,200) worth of OMV stock.
Seven days later, on March 30, OMV announced the sale of the 21% stake it had in peer company "MOL" Nyrt. of Hungary to Russian "Surgutneftegaz". On the day of the deal, the quotation of OMV rose 3.33%, meaning that Ruttenstorfer had a paper gain of almost 45,000 Euros.
At the time, OMV officials claimed that the March 23rd share purchase by Wolfgang Ruttenstorfer was carried out in compliance with the law.
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