OREANDA-NEWS. April 13, 2012. Sale of Emfesz ruled illegal by Hungarian Supreme Court. Cyprus-based Mabofi, a Group DF company, recognized as the sole member and legal owner of Emfesz Ltd.

In a judgment announced yesterday, the five member council of the Hungarian Supreme Court (Kuria) upheld the decision of the Court of Appeal confirming that [former] Emfesz director Istvбn Gуczi did not have the proper authorization to sell Mabofi’s 100% ownership share in Emfesz to the Swiss-registered company, Rosgas.

Goczi purported to sell Emfesz to Rosgas in May 2009 for USD 1 and, to this day, the ownership of Rosgas remains unknown.

As a result of this fraudulent sale, Emfesz, once the largest independent gas distributor in Hungary, lost its gas licenses.

Commenting on the ruling, Robert Shetler-Jones, CEO of Group DF, said: "The Supreme Court judgment is the highest and final confirmation that Emfesz was in effect stolen from us."

Mr Shetler-Jones added: "This is not the end of the matter. We will now start the process to recover the assets of Emfesz that have been stripped out of the company over the past three years and to hold to account all those responsible for what must be one of the largest frauds in Hungarian corporate history."