Fight to control Russian miner

THE battle for control of Russian gold miner petropavlovsk has heated up, with the board and rebels firing off letters to shareholders ahead of its AGM next week.

Chairman Ian Ashby says rebel shareholders – funds CABS and Slevin, supported by Kazakh oligarch Kenes Rakishev – may be trying to take control of the company without paying a premium.

Meanwhile, ex-chief executive Dr pavel Maslovskiy, who the rebels want returned, has rejected accusations of a plot and promised shareholders better returns.

The firm has been at the heart of a bitter battle since funds CABS and Slevin, which own 9.1pc, said they want the board replaced with Dr Maslovskiy. petropavlovsk believes the true backers of CABS and Slevin are being hidden.