Telekom Austria reserves right to call in option program payments
Telekom Austria's managers as well as those of its subsidiaries to participate with the intent of binding them to the company's success, said Telekom Austria. The company added that neither Ametsreiter nor Chief Financial Officer Hans Tschuden were involved in creating the program nor in its implementation. The company said it would investigate if former members of management were involved in the possible price manipulation.The stock movements in question are those of Feb. 20 to 26, 2004. As Profil reports, the stock option program would take effect if the average stock price reached EUR11.70, or 30% above the stock's 2000 issue price, as calculated as an average of the four days preceding Feb. 26, 2004. However after reaching EUR11.75 on Feb. 23, the price fell on Feb. 24 and 25 to EUR11.69, said Telekom Austria. On Feb. 26, the price reached EUR11.73, bringing the average to EUR11.70, said Telekom Austria.
Profil reported, without naming sources, that Gernot Schieszler, then assistant to the chief financial officer at the time, Stefano Colombo, engaged Johann Wanovits of Euro Invest Bank AG to manipulate the stock price by purchasing shares.Viennese law firm Prochaska Heine Havranek, where Schieszler's lawyer Stefan Prochaska is a partner, declined to comment.Euro Invest's current board member and Johann Wanovits' brother, Franz Wanovits, couldn't immediately be reached for comment price by purchasing shares.Viennese law firm Prochaska Heine Havranek, where Schieszler's lawyer Stefan Prochaska is a partner, declined to comment. Euro Invest's current board member and Johann Wanovits' brother, Franz Wanovits, couldn't immediately be reached for comment.
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