Economic Chamber of the court of Budapest on the suit of the company Mabofi Holdings Ltd yesterday invalidated the decision of the Hungarian Energy Office (HEO) of 29 April 2009 on approval of the transaction to acquire Rosgas 100% ownership in the firm Emfesz KMT. This is stated in the message of the court. In support of its decision, the court stated that the VEO has violated legal standards because it did not request the required for a decision under the law “power of attorney from the seller to name the deal signed, authorizing the transfer of its share ownership, as well as proof of ownership relations, and management scheme Rosgas” . The court decided that the VEO has re-examined the transaction of sale of an asset taking into account the foregoing. Immediately following the consideration of cases Unified Court of Budapest decided to delete from the register of shareholders Rosgas Emfesz.
Emfesz Company was incorporated in September 2003 with an authorized capital of $ 2.5 million Implements 3.5 billion cubic meters of gas in the domestic market in Hungary. The market value is estimated at $ 800 million
Until the spring of 2009 Emfesz owned company Mabofi, controlled by Dmitry Firtash. In April, after RosUkrEnergo on Gazprom”s decision deprived Russia”s gas and ceased to be its supplier to Ukraine, Hungary and Poland, the head of Emfesz - Lawyer Stephen Gotsi - had a deal to sell the Swiss company Rosgas for $ 1. In early May, HEO registered transaction. Then Mabofi, whose representatives argued that the transaction is carried out illegally, filed in the Budapest Court of First Instance of the requirement of its dissolution. June 22 the court refused Mabofi, but yesterday the court of second instance upheld her claim. Beneficiaries Rosgas never disclosed. Channel Hungarian gas market, says that among them are Gazprom. According to another interlocutor, Rosgas under the control of Hungarian oil company MOL.
“The court”s decision will come into force within two weeks if there is no appeal from the individuals concerned. And in this case Rosgas can not enter into any proprietary interest in Emfesz, except the rights to dividend payments, and - told Kommersant lawyer and partner Hungarian firm Machacs Partners Balazs Wilczek .- To re-examine the transaction Rosgas have to open its beneficiaries. If Rosgas has not filed an appeal, then the asset will be returned structures Dmitry Firtash. Istvan Gotsi declined to comment. Gazprom on the court decision yesterday to know, but offered to wait two weeks, during which the appeal may be filed.
Meanwhile Hungary after the elimination of RosUkrEnergo in early 2009 not to supply gas to the necessary extent. Through Emfesz in the past three years was sold 3-3,5 billion from 15 billion cubic meters of gas consumed by Hungary in the year. Russo-Hungarian Intergovernmental Commission under the leadership of the Deputy Prime Minister Viktor Zubkov in November 2009 considered the issue of additional gas supplies in 2010 and postponed it to determine whether to continue supplying Emfesz.
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