En+ Group appoints 3 people to vote with Deripaska’s shares

MOSCOW, Jan 18 (PRIME) -- Energy and metals holding En+Group has appointed three people who will vote for the stake received from businessman Oleg Deripaska under a deal with the U.S. government to remove sanctions against the company.

“Mr David Knower, Mr David Crane and Mr D. J. Baker have been identified as independent individuals who may, subject to the satisfaction of certain conditions, exercise the voting rights attaching to certain shares of the company, as required by the U.S. Department of the Treasury's Office of Foreign Assets Control,” En+ Group said.

Deripaska’s stake will fall to 44.95% from about 70%, and he will be able to vote for no more than 35% of the shares. Independent directors will get eight out of 12 seats in the new board of directors of En+Group. Half of them will be U.S. and U.K. citizens.

The company confirmed reduction of Deripaska’s stake below 50%.

In April, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies including Deripaska and his assets.

In December, the Treasury said it would lift the sanctions imposed on En+ Group and EuroSibEnergo, as well as RUSAL in 30 days, but will retain sanctions against Deripaska personally. A resolution against the lifting of sanctions was made by Senator Chuck Schumer, who said that Deripaska would keep real control over the companies even after fulfilling the U.S. demand to reduce the stake, its consideration was approved by the Senate and the resolution was approved by the House of Representatives.

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