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November 27, 2020

Austria watchdog probes OMV chief’s share deals

Austrian financial watchdog FMA is investigating a share purchase by Austrian oil and gas group OMV’s chief executive made shortly before a stake sale was announced last month, the FMA said on Wednesday. According to OMV’s website, CEO Wolfgang Ruttenstorfer bought EUR 620,000 (USD 801,200) worth of OMV stock on March 23, a week before OMV surprisingly sold its 21 percent stake in Hungarian peer MOL on March 30. FMA spokesman Klaus Grubelnik said the authority was routinely reviewing the trade. “We are looking into directors’ dealings during periods around significant company announcements as a matter of course,” he said. He added he could not comment on the state of individual investigations. OMV said in a statement that it had received a request for information by FMA about the circumstances of the MOL stake sale, and that it was providing the information. (Reuters)

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