Chief suspended at firm backed by Abramovich
THE AIM-listed energy company backed by billionaire Chelsea owner Roman Abramovich today suspended chief executive Roy Lipski over “allegations of serious misconduct”.
Velocys, whose technology converts natural gas into products such as diesel and jet fuel, said Lipski would be replaced by chief financial officer Susan Robertson until further notice.
Abramovich’s Ervington Investments vehicle has been buying up shares in Velocys for the past year and lifted its stake to 21.3% a month ago.
The company stressed that “the allegations do not involve any element of fraud or financial impropriety” and that trading was in line with expectations. But the shares collapsed 16%, or 18p, to 97p. The fall put a pin-prick in the billionaire’s fortune today as the value of his stake fell by £5.5 million.
Lipski earned £943,262 last year including relocation costs. Velocys said: “[His] suspension does not constitute disciplinary action and does not imply any assumption whatsoever that he is guilty of any misconduct. The board will keep his suspension under review and will aim to make the period of suspension no longer than is reasonably necessary.”