OTP CEO Suspected Behind Owner Of Rotary Rt

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Oil industry sources suspect Sándor Csányi, chairman and CEO of OTP Bank Rt., to be owner of the U.S.-based offshore company that owns part of oil drilling company Rotary Rt.

Rotary Rt. accounts for the vast majority of Hungary’s 1 million ton annual crude oil pumping business, and most of its HUF 9.3 billion annual business comes from oil and gas company MOL Rt., of which Csányi is chairman.

MOL’s board decided in 1999 to sell Rotary, which was a fully owned subsidiary of MOL until then, because the oil company did not consider oil drilling among its core activities and the sale fetched significant revenue. The company was originally bought by two companies owned by Lajos Tolnay, 40% owner of Mal Hungarian Aluminum Rt., who ranked as Hungary’s 32nd richest man in 2004. However, since the transaction RMBK Kft., one of Tolnay’s two companies involved in the Rotary deal, has undergone a number of changes hinting that it has Csányi in the background.

RMBK was established prior to it became owner of Rotary, but after 10 months of operation it changed auditor to ÁDI Auditing Asset Valuation and Management Kft., a company owned by György Ádámosi, a close friend of Csányi. ÁDI has acted as auditor of a number of Csányi-owned ventures. Soon after the auditor change, RMBK was bought from Tolnay by Roscop Inc., a U.S.-based offshore company. Roscop’s director is Kálmán Könyves Tóth, who earlier acted as mailing contact for Hungarian Finance and Trade Co., a financial vehicle owned and operated by OTP in the 1990s. In June 2004, Tolnay’s other company sold 20% of its ownership to Szeged-based Mobilgas Oil and Gas Industry and Transport Kft.

Mobilgas likewise changed its auditor to ÁDI in December 2004. The ownership changes were followed by personnel changes that also hinted Csányi’s involvement in the companies owning Rotary. János Katona, a former unit manager, became CEO of Rotary Rt., while Gábor Székely was elected to the supervisory board of Rotary and was also appointed managing director of RMBK. Székely is known for being partner of ÁDI-owner Ádámosi in owning a number of Kecskemét-based companies.