Business

Evraz directors quit in wake of UK sanctions

All of Abrez’s non-executives resigned as directors with immediate effect from the London-traded steel group in which Roman Abramovich is the largest shareholder.

The company’s shares were suspended On Thursday after Britain hit the Russian oligarch and several others with Sanctions. The Financial Conduct Authority has said it will suspend trading in shares “in order to protect investors until the impact of UK sanctions is clarified”.

The 10 executives who have left are Alexander Abramov, Alexander Prolov, Alexander Izuzimov, Deborah Gadjun, Eugene Schweidler, Eugene Tennenbaum, Karl Gruber, Maria Gordon, Sir Michael Pitt and Stephen Odell, Abrez said in a statement on Friday.

Veteran James Rutherford in city mining, who joined as a non-senior director last June, resigned last week following a Russian invasion.

CEO Alexi Ivanov, who took office in early February this year, will continue as a director.

The British government accused Abramovich, who also holds Israeli and Portuguese citizenship, of being involved in “undermining Ukraine’s stability and undermining and threatening Ukraine’s territorial integrity, sovereignty and independence through Abrez.”

The government also accused the company of supplying steel for tank production for the Russian military – something Abrez denied. The company insisted on Thursday that it produces steel only for the “infrastructure and construction” sectors.

Abrez has tried in recent days to stay away from Abramovich, pointing out that despite retaining control, he has appointed only two of 11 directors on the board in the past five years. It also canceled a shareholder payment that was worth more than $ 200 million to the oligarch.

Abrez is one of the largest steel producers in the world, with operations in Russia, Kazakhstan, the USA and Canada.

It was one of the first Russian companies to be admitted to the FTSE 100 blu-chip index when it registered in 2011. It is listed in Luxembourg and already had global certificates of deposit traded on the London Stock Exchange, but moved its base to London before listing.

Abramovich first acquired Abrez in the mid-2000s, when he bought 40% of the shares for more than $ 3 billion.

Evraz directors quit in wake of UK sanctions Source link Evraz directors quit in wake of UK sanctions

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