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Head of Austria's OMV charged with insider trading

Head of Austria's OMV charged with insider trading

A prosecution spokesman says the chief executive of Austria's oil and gas company OMV AG has been charged with insider trading.
At issue is whether Wolfgang Ruttenstorfer had and misused insider information when he bought roughly (EURO)620,000 ($839,510) worth of company shares on March 23 in 2009, a week before OMV announced it was selling its stake in Hungary's MOL oil and gas company. Austria's financial supervisory authority had asked prosecutors to investigate.
Thomas Vecsey of the Vienna public prosecutor's office says Ruttenstorfer was charged Wednesday with the misuse of insider information. He did not provide more details.
Ruttenstorfer says he was confident he could clear his name in court.