Budapest court rejects challenge of Emfesz ownership change

Budapest Business Journal

Monday 10:36, June 29th, 2009

The Budapest Metropolitan Court on Friday rejected a petition from the Cyprus-based Mabofi Holdings to annul Swiss-registered RosGas's May 7 acquisition of Emfesz, the biggest player on Hungary's deregulated gas market, Emfesz told MTI on Monday morning.

The court rebuffed Mabofi's claim that company-court procedures related to the acquisition were illegal.

Emfesz reported at the end of April that the company was supplying its customers with gas from reserves because its supplier RosUkrEnergo could no longer access reserves in Ukraine. At the same time, it said its gas deliveries in the future would be made with the cooperation of RosGas.

Mabofi Holdings Director David Brown told MTI on May 7 that the shares of Emfesz had been “fraudulently transferred” to RosGas.

Mabofi Holdings can appeal the court's decision. (MTI-ECONEWS)