OMVKY Omv Ag Bearer (PK)

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

September 07, 2022 13:21 ET (17:21 GMT)

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