International arbitral ruling invalidating Hungarian gas sale upheld in Moscow
The Moscow Arbitration Court has held against RosGas in its claim against Cypriot Mabofi Holdings Ltd. to revoke an arbitration tribunal’s decision on the sale for $1 of Emfesz, a Hungarian gas trading company, the court told the Russian Legal Information Agency.
The arbitral decision was rendered by the International Commercial Arbitration Court at the Russian Chamber of Commerce and Industry (ICAC)
In 2009, Emfesz head Istvan Gozzi sold his company to Switzerland-based RosGas AG for the symbolic price of $1 without notifying Emfesz’ real owner. The company was purchased by Gozzi’s deputy Tamas Gazda, who then represented RosGas. At the time of the transaction, Emfesz was wholly owned by Mabofi Holdings Ltd, a company controlled by Ukrainian businessman Dmitry Firtash.
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