En+ shareholders approve reregistration of business in Russia

MOSCOW, Dec 20 (PRIME) -- The shareholders of energy and metals holding En+ Group has unilaterally voted for reregistration of the business in Russia and for Oleg Deripaska’s ownership reduction below 50% and an end to his influence on the board of directors, En+ said in a statement on Thursday.

The holding will be registered in Russia’s special administrative unit in the Kaliningrad Region in order to attain preferential business conditions.

“The fulfillment of the ‘Barker Plan’ corresponds with the best interests of the company and is of a paramount importance, since it is meant to lift the U.S. sanctions from the company,” En+ Group said.

The holding authorized Gregory Barker, chairman of the board of directors, the author of the plan and former U.K. energy minister, to appoint up to seven members to the board of directors.

On April 6, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies, including Deripaska and his companies – En+ Group, carmaker GAZ Group, holding Basic Element, and aluminum giant RUSAL – among others.

Implementation date for En+ Group and RUSAL was postponed several times.

On November 1, the board of directors of En+ ordered the company’s management to prepare documents for a general meeting of shareholders that should discuss measures under the Barker Plan which includes appointment of new directors and changes in management in accordance with ideas discussed with the U.S. Treasury Department.

On Wednesday the U.S. Treasury said that intends to lift sanctions from Deripaska’s En+ Group, EuroSibEnergo, and aluminum giant UC RUSAL in 30 days, but will retain sanctions against Deripaska personally.

The authority sanctioned these companies because of their ownership and control by Deripaska, not for the conduct of the companies themselves

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