Petropavlovsk PLC Resolution 19 Interim Report (0223D)
June 24 2021 - 6:00AM
UK Regulatory
TIDMPOG
RNS Number : 0223D
Petropavlovsk PLC
24 June 2021
24 June 2021
Petropavlovsk PLC
Resolution 19 Interim Report
Petropavlovsk PLC (the "Company") today announces that KPMG LLP
has published an Interim Report regarding its forensic
investigation into certain transactions undertaken by the Company
and its subsidiaries, and IRC Ltd and its subsidiaries, in the
three years to August 2020.
The investigation, principally into related party transactions,
was proposed at the Requisitioned General Meeting on 10 August 2020
and approved by 84% of shareholders.
A copy of the report is available to shareholders at
https://petropavlovskplc.com/investors/resolution19/
The Interim Report has identified a number of potential issues
with transactions involving the Company with an estimated value of
USD 157 million. These issues include potentially undisclosed
related parties and likely conflicts of interest. KPMG intends to
focus on these transactions, amongst a number of other potential
issues, during its ongoing investigation. As KPMG's work is
ongoing, KPMG and the Company are not able to draw or disclose firm
conclusions at this stage.
The Company will take the appropriate action at the time of the
final findings.
James W Cameron Jr, Chairman, said "As I previously stated in
the Annual Report, there appears to have historically been a broad
acceptance of individuals personally benefiting from corporate
transactions, which was assisted by weak controls and an accepting
corporate culture. The board and senior management have already
taken action to ensure that these failings cannot be repeated. More
rigorous policies and procedures have been implemented, internal
audit functions have been strengthened and, starting from the top,
we continue to impose a clear culture of zero tolerance for
improper business practices."
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 19.50Moz Au which
include Reserves of 7.16Moz 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 shares also trade on the
Moscow Exchange and are a constituent of the RTS Index and MOEX
Index.
The Company's key operating mines (Pioneer, Malomir and Albyn)
and its Pressure Oxidation (POX) Hub at Pokrovskiy, are located in
the Amur Region in the Russian Far East. Petropavlovsk has produced
a total of c.8.3Moz of gold since operations began in 1994 and has
a strong track record of mine development, expansion, and asset
optimisation.
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.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovskplc.com
Kim
Hudson Sandler +44 (0) 20 7796 4133
Charlie Jack / Katerina Parker / Elfie Petropavlovsk@hudsonsandler.com
Kent
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END
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