Further Statement by Mabofi Holdings: Update and Clarification of Court Proceedings
Following the fraudulent transfer of Mabofi's 100% shareholding in Emfesz, Hungary’s largest independent gas distributor, to Rosgas, a Swiss-registered company whose beneficial ownership still remains a secret, Mabofi applied to the Cantonal Court Presidency in Zug, Switzerland, for an injunction against Rosgas.
On hearing the application on the 29th May 2009, the Cantonal Court Presidency of Zug ordered that Rosgas was forbidden to:
1. Sell or otherwise dispose of the share quotas in the Hungarian company Emfesz.
2. Liquidate or otherwise dispose of the assets of the Hungarian company Emfesz.
3. Agree any transfer or sale of the issued share capital of Rosgas itself.
Rosgas appealed against this decision and Mabofi confirms that the Cantonal Court of the Canton of Zug made an Order on 21st August 2009 to the effect that, subject to an appeal by Mabofi, the interim measures which it had previously imposed on Rosgas would be lifted as of 3rd September 2009. Mabofi has until that date to appeal against the 21st August court order and the interim measures will stay in force until that time. Mabofi confirms that it is appealing against the Order and it is expected that the Swiss Court will confirm that the interim measures should stay in place until determination of that appeal.
Mabofi also wishes to clarify various false reports claiming that it has been fined by the Swiss Courts. This is not correct. Mabofi was requested by the Swiss Courts to pay a contribution towards the costs of the court hearings, which is normal practice in these circumstances. Mabofi again emphasises that at no stage in any of these proceedings has it received any fine from any legal, judicial or other authorities.
Meanwhile, Mabofi confirms that it is continuing with all necessary and appropriate legal actions in Hungary against all persons and entities involved in the fraudulent transfer of Emfesz in order to recover its ownership of Emfesz and to secure damages that have resulted from this fraud.
David Brown
Director
Mabofi Holdings Limited