Firtash gets back Hungarian gas trader Emfesz

According to the press service of Group DF, the court decision was made following the decision of the Supreme Court of Hungary, which last year confirmed that the former director of Emfesz, Istvan Guoqi did not have proper authorization for selling 100% of the shares in Emfesz owned by Mabofi to the Swiss company RosGas in April 2009.

"We are pleased that, after long legal battles, Group DF's ownership of Emfesz was restored. We will take all the necessary steps to restore the assets of this company, which had previously been a major Hungarian gas trader and distributor, and will initiate criminal prosecution of persons involved in this pattern," Group DF supervisory council member Robert Shetler-Jones said.

Group DF reminded that Guoqi intended to sell Emfesz to RosGas in May 2009 for $1. "RosGas ownership structure remains unknown. As a result of this fraudulent transaction, Emfesz (in the past the largest independent distributor of gas in Hungary) lost its gas licenses and is now on the verge of bankruptcy," the statement says.

As the correspondent of UKRINFORM in Hungary reported with reference to the Mabofi press service, the company's specialists are thoroughly examining past years' documents to determine the fate of the company's missing property and to take the necessary legal measures to prosecute those involved in the scam.

The company Emfesz, established in 2003, following the adoption of the Hungarian law on gas and liberalization of the country's energy market, had a long-term contract for 10 years with the company RosUkrEnergo on the supply of gas to Hungary from Central Asia. It planned to build a new gas power plant near the border with Ukraine, in the eastern part of Hungary. The estimated cost of the project was $2.05 billion.