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OMV Won't Sue Former CEO Seele for Damages Following Special Audit

September 07, 2022 at 11:21 am EDT

By Giulia Petroni

OMV AG on Wednesday said the special audit commissioned by the company to investigate former Chief Executive Rainer Seele found no sufficient legal basis for actionable misconduct.

"The supervisory board follows the recommendation of the legal experts and, as things stand today, will not instigate legal action and will propose to the upcoming Annual General Meeting that the former chairman of the executive board be discharged," the Austrian oil-and-gas company said.

Possible breaches of duty and potential claims for damages against Mr. Seele were investigated in relation to the conclusion of a side agreement with an OMV executive; the conclusion of a sports sponsorship agreement with the Zenit St. Petersburg football club in 2018; and amendments to gas-supply agreements with Gazprom Export in 2018.

The report was conducted by German law firm Gleiss Lutz and the Austrian law firm hba.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

09-07-22 1321ET

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
BRENT CRUDE OIL SPOT	83.63 USD	-2.63%	-5.34%	-
WTI	78.99 USD	-2.63%	-5.22%	-
GAZPROM	198 RUB	+0.04%	-.--%	50.04B

Rainer Seele

Dr. Rainer Seele is a Chairman-Supervisory Board at OMV Petrom SA, a Chairman-Management Board & CEO at OMV AG, a Chairman-Supervisory Board at OMV Gas & Power GmbH and a Chief Executive Officer at OMV Norge AS. He is on the Board of Directors at Borealis AG. Dr. Seele was previously employed as a Chairman-Supervisory Board by OMV Exploration & Production GmbH, a Chairman-Supervisory Board by OMV Refining & Marketing GmbH, a Chairman-Supervisory Board by OMV Solutions GmbH, a Member-Executive Board by South Stream Transport BV, a Chairman-Executive Board by Numov-Nah-Und Mittelost-Verein, a President by Russian-German Chamber of Commerce, a Member-Supervisory Board by Nord Stream AG, a Member-Administrative Board by Wintershall Oil AG, a Chairman-Supervisory Board by Erdgas Münster GmbH, a Chairman-Supervisory Board by VNG AG, a Member-Administrative Board by Wintershall Erdgas Handelshaus Zug AG, a Chairman-Executive Board by Wintershall Holding GmbH, a Member-Executive Board by Wintershall Erdgas Handelshaus GmbH & Co. KG, a Member-Supervisory Board by Gas-Trading SA, a Chairman-Executive Board by Wingas GmbH, a Chairman-Advisory Board by W&G Beteiligungs-GmbH & Co. KG, a Chairman-Executive Board by Wintershall AG, a Head-Strategic Planning by Wintershall Holding GmbH, a Head-Group Chemical Research by BASF AG, and a Member-Executive Board by Federation of Austrian Industries (IV). He received his graduate degree from the University of Gottingen and a doctorate degree from the University of Gottingen.

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Linked companies
OMV Gas & Power GmbH OMV Gas & Power GmbH Gas DistributorsUtilities Part of OMV AG, OMV Gas & Power GmbH distributes natural gas and provides logistics services. The private company is based in Vienna, Austria. Hans-Peter Floren has been the CEO of the Austrian company since 2012.	Chairman