Aug 7 Shares in Russian oil producer Exillon
Energy Plc, in takeover talks with founder and Kazakh
businessman Maksat Arip, fell 9 percent after paper maker
Kazakhstan Kagazy Plc said it obtained a court order
freezing Arip's assets in a separate dispute.
Exillon, which has assets in Russia's oil-rich regions of
Timan-Pechora and western Siberia, said in July it had been
approached by Arip, its former chairman and its largest
shareholder who owns 30.17 percent of the company.
Arip has to state whether he intends to make an offer or not
for Exillon by Aug.27.
London-listed Kazakhstan Kagazy said on Tuesday it had
secured an order from the London High Court to freeze the assets
of two of its former shareholders and directors, Baglan Zhunus
and Maksat Arip, to recover misappropriated funds.
Arip was CEO of Kazakhstan Kagazy between 2003 and April
2008 and a director of the company until July 2009.
Baglan Zhunus was chairman of Kazakhstan Kagazy from April
2004 to May 2009, according to his LinkedIn profile.
"Forensic analysis by the board and their appointed advisors
has discovered that a sum of approximately $150 million was
extracted from the company and channelled into separate
businesses outside of the Kazakhstan Kagazy Group," the company
said in a statement.
The company also said it would inform the police, the
Serious Fraud Office (SFO) and the London Stock Exchange.
A spokesman for Exillon declined to comment on Kagazy's
statement. Arip and Zhunus could not be immediately reached for
Exillon was fined nearly 300,000 pounds ($461,500) in April
2012 for failing to disclose payments made to Arip. He was
chairman between November 2009 and April 2011. (r.reuters.com/san99t)
Exillon's shares were down about 9 percent at 127.50 pence
at 1032 GMT. They fell as much as 11 percent earlier in trade.
($1 = 0.6500 British pounds)
(Reporting by Karen Rebelo in Bangalore; Editing by Sreejiraj