It was a blast when Mark Garrett, chairman of OMV’s supervisory board, announced Friday afternoon at the annual general meeting that the oil company’s committees were proposing to reject the resignation of their ex-boss Rainer Seele. The following discussions are still ongoing. But it’s clear that OMV’s major shareholders – ÖBAG and Abu Dhabi-based Mubadala Holding who jointly own 56 percent of the shares – will approve the proposal.
According to “Krone Information”, it has also been decided to conduct an in-depth internal investigation into all soul-age incidents. A law firm has been working on the case for a while, but there are now new findings. By refusing to grant discharge, the company reserves the right to file damages claims against the former CEO. According to reports, the new ÖBAG boss Edith Hlawati has insisted that everything be fully clarified.
In particular, there are three points where there are inconsistencies:
- Gas contracts: Long-term gas contracts with the Russians for 10-15 years have always been the norm at OMV. But in 2018, Seele, who had been on friendly terms with Gazprom executives for years, extended the supply contract (6 billion m³ per year) with the “take or pay” clause until 2040, ordering the same amount for German buyers until 2032. There is no exit clause if, for example, B. gas loses its importance as an energy source. For OMV, the revenues from these transactions are low because as a dealer it has only a small margin.
- Sponsorship: In 2018, Seele decided to sponsor the youth division of the football club Zenit Petersburg (Putin is a fan of the club) for five years with a total of €25 million.
- Personnel: In 2020, OMV’s “Compliance Manager”, Robert Eichler, had to internally clear several allegations against Seele. But then it was discovered that he had been given a “special contract” from Seele (without board approval) promising him millions upon his departure. In the fall, Eichler had to leave. This week, two experts who had defended Seele against allegations at the time (there were also private trips on the company jet) said they had been “withheld vital information.”
Incidentally, the expensive Russian expansion of Seele (gas field in Siberia, Nord Stream 2) has so far cost OMV two billion euros. His successor Alfred Stern admitted to shareholders that “the risk in Russia had been underestimated”.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
