Petropavlo­vsk founder ex­its in board­room clearout

The Daily Telegraph - Business - - Business - By

Ed Clowes

A FOUNDER of gold miner Petropavlo­vsk has been re­moved by share­hold­ers in a board­room clearout fol­low­ing a bit­ter bat­tle over the fu­ture of the busi­ness.

Peter Ham­bro was voted out in a crunch vote, along with other di­rec­tors in­clud­ing former chief ex­ec­u­tive Pavel Maslovskiy and former deputy chief ex­ec­u­tive Alya Samokhval­ova.

Petropavlo­vsk has been caught up in a row since as­set man­ager Pros­per­ity – which owns about 20pc of the busi­ness – ac­cused fel­low share­hold­ers UGC and Ever­est Al­liance of con­spir­ing to take it over.

Both deny the al­le­ga­tion, and in turn have ac­cused Pros­per­ity of try­ing to ac­quire the com­pany on the cheap.

At a gen­eral meet­ing yes­ter­day, Pros­per­ity and the FTSE 250 min­ing group’s old guard were de­feated on sev­eral key is­sues. Pros­per­ity had ar­gued that the ousted di­rec­tors should be reap­pointed. Petropavlo­vsk in­sid­ers said Mr Ham­bro was only on the board tem­po­rar­ily and had in­tended to stand down ir­re­spec­tive of the votes.

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