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Ex-Petropavlovsk boss Pavel Maslovskiy slams board as power struggle escalates 

The former boss and co-founder of Petropavlovsk has hit out at the gold miner’s board and defended his record as he mounts a campaign to be reinstated.
Pavel Maslovskiy said the board did not have the expertise necessary to steer the company, while its newly appointed chief executive, Roman Deniskin, lacked a “technical background”.
A pair of rebel investors want Dr Maslovskiy and two other former directors reinstated at the company’s annual general meeting on June 29.
He told The Daily Telegraph he was “completely independent” of the requisitioning shareholders. “I was approached [by the investors] and believed it quite reasonable,” he said.
CABS Platform and Slevin, who are registered offshore and hold 9.1pc of the company, have attracted stinging criticism from Petropavlovsk for failing to disclose more about their identities.
The company said yesterday that information released to the City’s Takeover Panel revealed "just another level of cascading shell companies". It attacked "the extraordinary lengths" taken to hide the identity of their ultimate owners.
Ex-Petropavlovsk boss Pavel Maslovskiy slams board as power struggle escalates 

The company has three producing gold mines
Petropavlovsk has undergone boardroom upheaval in the last year, after Russian oligarch Viktor Vekselberg turned over the previous board and installed former BHP Billiton executive Ian Ashby and Chelsea Football Club chairman Bruce Buck as directors.
Mr Vekselberg unexpectedly sold off his 22pc stake shortly afterwards to Kazakh investor Kenes Rakishev.
Dr Maslovskiy quit last year but defended his track record at the miner, despite a calamitous fall in its share price over the last decade, noting that he left in 2011 but returned three years later to steer a turnaround.
“We restructured and returned it to profit. We managed to save the company and move forward – it should be considered an achievement, rather than a fault,” he said.
A Petropavlovsk spokesman said the company had "made every effort to work with Dr Maslovskiy last year, but his sudden resignation with no nominated successor demonstrated a clear lack of duty and responsibility, leaving the company and shareholders with a sudden void in leadership".
He said the board had "worked diligently to build a team that is now successfully delivering on the company’s strategy" and that Mr Deniskin was "the best person to take the company forward, not the previous management that demonstrated a clear lack of regard for shareholder interests and that oversaw a 87pc decline in the company share price.”
Dr Maslovskiy said the new board had failed to appreciate the urgency of the company’s need to reissue its bonds last year, which had sparked his resignation. The company later refinanced but on worse terms, he said: “The board are putting this as their achievement – in reality, it is not the truth.”
Ex-Petropavlovsk boss Pavel Maslovskiy slams board as power struggle escalates 

Workers wrote a letter backing the former chief executive earlier this week
Earlier this week a group of managers at Petropavlovk’s three mines in the far east of Russia wrote to shareholders appealing for Dr Maslovskiy’s reinstatement. He said he was proud to have their support but had advised against the letter as it is “not normal practice”.
If he succeeds in being returned to the top job, Dr Maslovskiy said he would focus on completing construction of a new gold processing plant, extricate the company from an onerous loan guarantee on a subsidiary, and nominate other members to the board.
The increasingly bitter war of words between Petropavlovsk and the rebel investors has seen the board in open conflict with Mr Rakishev, who has backed their ousting.
Petropavlovsk said yesterday: “The board remains open to dialogue with all shareholders, including Mr Rakishev and the requisitioning holders, and is committed to acting in the best interest of these shareholders.”
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