{"id":83788,"date":"2018-06-21T22:03:16","date_gmt":"2018-06-21T22:03:16","guid":{"rendered":"http:\/\/www.bnreport.com\/ex-petropavlovsk-boss-says-there-is-no-plot-to-steal-company-by-stealth-2\/"},"modified":"2018-06-21T22:03:16","modified_gmt":"2018-06-21T22:03:16","slug":"ex-petropavlovsk-boss-says-there-is-no-plot-to-steal-company-by-stealth-2","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/ex-petropavlovsk-boss-says-there-is-no-plot-to-steal-company-by-stealth-2\/","title":{"rendered":"Ex-Petropavlovsk boss says there is no plot to steal company by stealth"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/gold-bars-are-displayed-at-shinhan-bank-56545309-5b2ad0a4097ea.jpg\"\/><\/p>\n<p>The former chief executive officer (CEO) of gold miner Petropavlovsk has today denied that there is a \u201cplot\u201d to \u201csteal the company by stealth\u201d from the current board.<\/p>\n<p>In a letter to shareholders seen by City A.M., the companys former chief executive Pavel Maslovskiy, denied that he was involved in a conspiracy to steal the company by stealth.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/287762\/under-fire-petropavlovsk-board-receives-support-advisory\" rel=\"noreferrer\" target=\"_blank\">Under-fire Petropavlovsk board receive support from advisory groups<\/a><\/p>\n<p>\u201cLet me assure you that I am not aware of, or involved in, any plot, such as the existing board would have you believe exists, to steal the company by stealth,\u201d he wrote.<\/p>\n<p>The letter to shareholders, dated 20 June, urged them to kick out the miners present board at next weeks annual general meeting (AGM) and replace it with a new board which includes former directors Sir Roderic Lyne and Robert Jenkins, who were themselves ousted last year by shareholders dissatisfied with the companys performance.<\/p>\n<p>In the letter Maslovskiy alleged that a key project in Russia, the pressure oxidation hub, was behind schedule despite the current leadership of the business claiming that it was on track.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/287309\/petropavlovsk-shareholder-warns-boardroom-overhaul-could\" rel=\"noreferrer\" target=\"_blank\">Petropavlovsk&#039;s second largest shareholder warns against boardroom overhaul<\/a><\/p>\n<p>\u201cI am not confident that the current board have the experience, commitment or competence to deliver this immensely significant project,\u201d he wrote.<\/p>\n<p>\u201cBy their lack of commitment to the workforce and the employees, the directors have lost the confidence of those on the ground and, from what I am hearing, the project is behind schedule, despite what the CEO may have told you,\u201d the letter said.<\/p>\n<p>A spokesperson for Petropavlovsk said: \u201cThe company is disappointed that an employee decided to violate company policy by distributing these misleading and ill-conceived comments. We are sure that our shareholders realise that this kind of action was likely not a self generated idea by the employee but was probably instigated by others who are determined to disrupt the operations of the company.\u201d<\/p>\n<p><strong>Read more<\/strong>: <a href=\"http:\/\/www.cityam.com\/286701\/more-turmoil-gold-miner-petropavlovsk-ousts-board-member\" rel=\"noreferrer\" target=\"_blank\">More turmoil for gold miner Petropavlovsk as it ousts board member<\/a><\/p>\n<p>The row over the future of the company is set to culminate at its annual meeting on 29 June in London.<\/p>\n<p>Last month, shareholders called Cabs Platform and Slevin, which together hold 9.11 per cent of the business, called for the return of former directors Maslovskiy, Lyne and Jenkins.<\/p>\n<p>The current board received a fillip last week when shareholder advisory groups Glass Lewis and ISS recommended that shareholders back the current board and oppose the attempts to remove it.<\/p>\n<p>Earlier this week the identity of one of the investors behind Cabs Platform was reported by Bloomberg to be a Russian cryptocurrency executive Evgeny Khata.<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The former chief executive officer (CEO) of gold miner Petro..<\/p>\n","protected":false},"author":1,"featured_media":83790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-83788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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