Petropavlovsk PLC Investigation in Russia (8477C)
October 22 2020 - 2:00AM
UK Regulatory
TIDMPOG
RNS Number : 8477C
Petropavlovsk PLC
22 October 2020
22 October 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Investigation in Russia
Petropavlovsk has been made aware that the Investigative
Committee of Russia for the City of Moscow (the "Committee") has
initiated an investigation into events involving Petropavlovsk's
Interim CEO, Mr Maksim Meshcheryakov. The Company understands that
this investigation relates to the events of 26 - 27 August 2020,
when Mr Meshcheryakov was denied access to the Company's office in
Moscow, which he then entered in the presence of Moscow police, who
he called to attend.
The Company understands that the investigation into Mr
Meshcheryakov's actions relates to a crime under article 330 of the
Russian criminal code called 'Arbitrariness'. According to legal
advice received by the Company, the crime of Arbitrariness has a
very broad definition, and may include actions that are
commissioned to protect lawful rights or interests.
As noted in the Company's announcement of 28 August 2020, Mr
Meshcheryakov's has encountered a lack of co-operation from some
employees and ex-employees in certain of the Russian subsidiaries
as he works to implement a robust and transparent controls
framework across Petropavlovsk and its subsidiaries (the "Group").
That lack of co-operation included preventing Mr Meshcheryakov
obtaining access to the Group's office in Moscow while he was
attempting, with the full support of the Petropavlovsk Board, to
safeguard the Group's assets and information.
The Company will, of course, fully cooperate with the Committee
in its investigation.
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 21.03Moz Au which
include Reserves of 8.46Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices.
The Company's key operating mines (Pioneer, Malomir and Albyn)
are in the Amur Region in the Russian Far East. Petropavlovsk has
produced a total of c.7.8Moz of gold since operations began in 1994
and has a strong track record of mine development, expansion and
asset optimisation.
The Group recently entered a new era of growth following the
successful commissioning and start-up of its flagship asset, the
Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the
processing of the Company's abundant refractory reserves and
resources.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovsk.net or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovsk.net
Kim
Citigroup Global Markets Limited
Tom Reid / Andrew Miller-Jones +44 (0) 20 7986 4000
UBS Investment Bank
David Roberts / Alistair Smith +44 (0) 20 7567 8000
Buchanan +44 (0) 20 7466 5000
Bobby Morse / Kelsey Traynor / Ariadna POG@buchanan.uk.com
Peretz
Citigroup Global Markets Limited ("Citi") is authorised by the
Prudential Regulation Authority and regulated in the UK by the
Financial Conduct Authority and the Prudential Regulation
Authority. UBS AG London Branch ("UBS") is authorised and regulated
by the Financial Market Supervisory Authority in Switzerland. It is
authorised by the Prudential Regulation Authority and subject to
regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority in the United
Kingdom. Citi and UBS are acting exclusively for Petropavlovsk PLC
("Petropavlovsk") and for no-one else in connection with the
contents of this announcement and will not be responsible to anyone
other than Petropavlovsk for providing the protections afforded to
clients of Citi or UBS for providing advice in relation to the
contents of this announcement or any matters referred to
herein.
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