02:00 Mon 23 Nov 2020
Petropavlovsk Plc - Appointment of KPMG as Forensic Investigator
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Petropavlovsk PLC
Appointment of KPMG LLP as independent forensic investigator
Investigation to examine historic Group transactions with related parties
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The investigation, principally into related party transactions, was proposed at the Requisitioned General Meeting on
The Company encourages any party or person with knowledge relevant to the investigation to contact KPMG at Resolution19@kpmg.com in confidence.
James W Cameron Jr, Petropavlovsk Chairman said "The Board is pleased to announce the appointment of KPMG in accordance with shareholders' instructions and welcomes the commencement of the investigation. Petropavlovsk has failed to deliver value to its shareholders and employees over many years, and we believe that poor governance and controls have been a major contributory factor. The current Board is committed to transparency and exposing any historic instances of failed corporate governance, as well as to the recovery of any misappropriated funds or assets."
For more information
Please visit www.petropavlovsk.net or contact:
Petropavlovsk PLC
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+44 (0) 20 7201 8900
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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 shares also trade on the Moscow Exchange and are a constituent of the flagship RTS / MOEX index.
Petropavlovsk's key operating mines (Pioneer, Malomir and Albyn) are in the
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.
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