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Trading in VSŽ shares resumed on December 8

The Finance Ministry canceled its moratorium on trading in shares of steelmaker VSŽ Košice beginning December 8.

On October 27, the Finance Ministry had ordered that trading in VSŽ shares be blocked until further notice, responding to what it considered shady transactions with VSŽ shares. These transactions resulted in a change in ownership of more than a 10% stake in VSŽ - shares later obtained by three foreign companies set up specifically for this purpose.

VSŽ spokesman Jozef Marko refused to comment on the situation. He also refusined comment concerning the request by the three shareholders controlling the 10% stake to convene a special shareholders' meeting. Allegedly, the only goal of this session was to obstruct the present VSŽ management from creating a new company within VSŽ that would take over all vital parts of the company.

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