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More turmoil for gold miner Petropavlovsk as it ousts board member

London-listed Russian gold miner Petropavlovsk is ousting on..

London-listed Russian gold miner Petropavlovsk is ousting one of its board members as a part of an ongoing struggle over the future leadership of the company.

The company announced today that it is serving notice on board member Bektas Mukazhanov.

Mukazhanov, who was only appointed in February, is an investment adviser at Cyprus-based Fincraft Holdings.

Read more: Former ambassador to Russia pushes for change at gold miner Petropavlovsk

He was appointed as a representative of Kenges Rakishev, the Kazakh entrepreneur who is the company's largest shareholder and the beneficial owner of Fincraft.

Rakishev has said that he will support a motion to oust the companys present board and re-instate its former leaders, who were themselves ejected by shareholders last year.

In a statement today Petropavlosk confirmed the plan to part ways with Mukazhanov.

“Due to his position of employment with Fincraft Holdings, the companys major shareholder, which has confirmed that it will vote in favour of the majority of the requisitioning shareholders resolutions, including the removal of all other directors of the company, the board considers that Mukazhanov is conflicted and that this is an untenable situation for both the company and Mukazhanov,” the statement said.

Read more: Petropavlovsk warns it could have to stump up $234m as debt talks stall

Two as yet unidentified investors, going under the names of Cabs Platform and Slevin, put forward the proposals to reinstate former directors Pavel Maslovskiy, Roderic Lyne and Robert Jenkins and clear out its current board of directors.

The company has its annual general meeting on 29 June.

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