Swiss court forbids Rosgas to sell shares of Hungarian Emfesz

http://www.portfolio.hu/en/cikkek.td...

Wednesday, 3, June 2009 09:24:00 AM

Following the transfer of Mabofi's 100% shareholding in Emfesz, Hungary's largest independent gas distributor, to Rosgas, a move which Mabofi considers “fraudulent", Mabofi applied to the Cantonal Court Presidency in Zug, Switzerland, and was granted an injunction against Rosgas. Rosgas is a company registered in Switzerland with an obscure ownership structure.

According to Mabofi's statement the Cantonal Court Presidency of Zug ruled on 29 May that Rosgas is forbidden to:

• sell or otherwise dispose of the share quotas in Emfesz;
• liquidate or otherwise dispose of the assets of Emfesz;
• agree any transfer or sale of the issued share capital of Rosgas itself.

Rosgas has a period of ten days to respond to this decision.

Hungarian daily Népszabadság said Rosgas considers the court ruling a “intermediate" measure and in an “offshore-like environment" it does not consider itself obliged by it.

“Mabofi will continue to take all necessary actions, including civil and criminal, against all persons and entities involved in the fraudulent transfer of Emfesz in order to protect its interests in and to recover its ownership of Emfesz and to secure damages that have resulted from this fraud," Mabofi said in a statement.

Related articles: