Petropavlovsk founder exits in boardroom clearout
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.