Shareholders En+ elected a new Board of Directors without Deripaska

ECONOMY

MOSCOW, July 26. /Basereporter.com/. The shareholders are En+ Group at the annual meeting on Thursday elected a new Board of Directors, which did not include the beneficiary group of Oleg Deripaska and representatives previously assigned to the businessman. This should be the message of the company.

En+ is currently implementing a plan to exit from the sanctions previously proposed by Board member Lord Gregory Barker and approved by the Council. One of the points of the plan is the appointment of the Board of Directors of independent members.

The Board of Directors of En+ group includes nine people. The new structure was re-elected Lord Gregory Barker and Philip Malfait who have joined the Board of Directors of En+ before the introduction against U.S. sanctions, as well as another seven members of the Board of Directors, which was appointed on 27 June in the framework of the plan for the withdrawal of En+ from the sanctions – Timur Valiev, Alexander Krivushkin, Michael Ohotnikov, Konstantin Molodkin, Alexander Shishko, Yuri and Denis Noble holodilov.

The U.S. government on April 6 announced the introduction of sanctions against several Russian officials, businessmen and companies. One of them was Deripaska and related company RUSAL, the holding Basic element, En+ and “Russian machines”, “the EuroSibEnergo”, “GAZ Group”, the investment company B-Finance and agro-holding “Kuban”. The hit to the sanctions list means the freezing of assets in the United States and a ban for us citizens on any business with these companies.

According to the plan of En+ to exit from the sanctions, in particular it is necessary to re-elect the company’s Board of Directors, including the independent Directors bring Deripaska from the Board of Directors of En+, and RUSAL, and also to reduce the share of ownership of Deripaska in En+ to less than 50%. The share of Deripaska and members of his family in the capital of En+, Barker, should be transferred to the management organization or the trust administrator, which will coordinate the U.S. Treasury.

Furthermore, the right to vote the shares owned by VTB, Barker proposes to transfer to the independent person that “OFAC has already been presented on 5 July”. The loan to VTB structures of Deripaska’s plans to restructure.

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