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CEO of OMV gas co acquitted of insider trading

 Chief executive of Austria's oil and gas company OMV AG, Wolfgang Ruttenstorfer arrives in a court room at the main court in Vienna, Austria, on Thur...
 Chief executive of Austria's oil and gas company OMV AG, Wolfgang Ruttenstorfer arrives in a court room at the main court in Vienna, Austria, on Thur...

Austria Insider Trading

Chief executive of Austria's oil and gas company OMV AG, Wolfgang Ruttenstorfer arrives in a court room at the main court in Vienna, Austria, on Thur...

Austria Insider Trading

Chief executive of Austria's oil and gas company OMV AG, Wolfgang Ruttenstorfer arrives in a court room at the main court in Vienna, Austria, on Thur...

An Austrian court on Thursday acquitted the chief executive of Austria's oil and gas company OMV AG of insider trading charges.
Under scrutiny during the one-day trial was Wolfgang Ruttenstorfer's purchase of roughly (EURO)620,000 ($840,000) worth of company shares on March 23, 2009, a week before OMV announced it was selling its 21 percent stake in Hungary's MOL energy company to Russia's Surgutneftegaz for (EURO)1.4 billion ($1.9 billion).
After hours of proceedings, Judge Claudia Moravec-Loidolt acquitted Ruttenstorfer of the accusations against him.
Earlier in the day, Ruttenstorfer had pleaded not guilty.
OMV said in a statement in April 2009, when the matter first surfaced, that all conditions and rules were considered and met when Ruttenstorfer made the transaction.
Ruttenstorfer, who told The Associated Press in November that that he was confident he could clear his name in court, had faced up to three years in prison if convicted.
OMV is one of Austria's biggest companies and has some 35,000 employees.


Updated : 2021-05-08 08:27 GMT+08:00