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ENRC chairman resigns

24 april 2013, 15:29
0
New ENRC chairman Gerhard Ammann. ©enrc.com
New ENRC chairman Gerhard Ammann. ©enrc.com
Mehmet Dalman resigned from ENRC chairman position. ©enrc.com
Mehmet Dalman resigned from ENRC chairman position. ©enrc.com
Chairman of Eurasian Natural Resources Corporation (ENRC) Mehmet Dalman resigned and Gerhard Ammann was appointed its new chairman, Interfax-Kazakhstan reports citing the company.

Amman worked as the non-executive board member and chairman of the investment commission in ENRC, a producer of metals in Kazakhstan, for the last five years. He also used to head the Swiss office of Deloitte. The appointment will have to be approved by ENRC shareholders at the annual meeting on June 5.

“I have a clear mandate from the board,” The Financial Times quotes Ammann as saying. “My role is to work [with shareholders] to draw a line under the past.”

Besides, according to the company, board members Dieter Ameling and Paul Judge withdrew from re-election scheduled for June.

The observers link the resignations in the board with possible changes in ENRC ownership structure. Dalman was appointed head of the board for the corporate management improvement. Earlier he talked about a possible resignation over a disagreement with shareholders on information transparency, The Financial Times wrote.

“It had become clear that as chairman [Dalman] had office and responsibility, but not power, and that situation was untenable,” said a source familiar with the situation.

“I believe I have achieved all that I could as chairman of ENRC and it is therefore appropriate to hand over the reins to new leadership,” Mr Dalman said. “I am confident that the interests of the minority shareholders will be well served by strong non-executive directors.”

Major shareholders of ENRC Aleksander Mashkevich, Alidzhan Ibragimov and Patokh Chodiev (own 14.59 percent of ENRC each) and the Kazakhstan Government (in the person of the State Property and Privatization Commission of the Finance Ministry that owns 11.65 percent in ENRC stake) do not preclude creation of a consortium to promote the bidding for ENRC stock.

On April 23 ENRC stated that after Aleksander Mashkevich declared a possible stake acquisition by the consortium the company decided to establish an independent board’s commission to evaluate any offers they receive. Mohsen Khalil was appointed the commission’s chairman. The commission also includes Gerhard Ammann, Roderick Thomson, Terence Wilkinson, Richard Burrows and both leaving board members Dieter Ameling and Paul Judge.

ENRC is an integrated group working in minerals production and enrichment sector. The group’s industrial assets are located mainly in Kazakhstan. Outside Kazakhstan, ENRC owns assets in Brazil, Zambia, Zimbabwe, South Africa, Mali, Mozambique and Congo.

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