Former Petropavlovsk CEO detained and interrogated

Russian media outlet the Echo of Moscow (Echo) reported today that Dr. Pavel Maslovskiy, former CEO of Russian gold producer Petropavlovsk, was detained and taken for interrogation.

According to the Echo, earlier, searches were carried out in the Moscow office of the Pokrovskiy Rudnik, the Petropavlovsk’s subsidiary.

The TASS agency, citing the company’s press service, reported that the investigative actions are likely concerning people who no longer hold any positions with the company. According to the RBC newspaper, the searches were related to the criminal case against Maslovskiy. According to the newspaper, he is accused of stealing funds from the mine. Maslovskiy has founded Petropavlovsk with Peter Hambro in 1994 and led the company for many years.

Petropavlovsk (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. Petropavlovsk’s key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East.

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