November 2, 2018 / 6:13 PM / 2 years ago

Russia's En+ appoints new CEO, drops plan to redomicile to Cyprus

MOSCOW (Reuters) - En+ Group (ENPLq.L) has appointed one of its senior managers Vladimir Kiriukhin as its new chief executive, the company said on Friday, as it continues talks with Washington on easing U.S. sanctions.

London-listed En+ Group, which manages the energy and aluminum businesses of Oleg Deripaska, is discussing potential exclusion from the U.S. blacklist with the U.S. Treasury, which imposed sanctions on it in April along with Deripaska himself and some of his assets.

Under a plan devised by En+ Chairman Greg Barker, Deripaska hopes to persuade the United States to ease sanctions, which were related to Moscow’s alleged meddling in the 2016 U.S. election, on his companies by scaling back his own involvement in them, an option initially suggested by Washington.

“These management changes are consistent with the Barker Plan and the enhanced governance structures it will introduce,” En+ said in a statement. It has recently recruited directors and management not affiliated with Deripaska.

Kiriukhin will oversee the company’s long-term strategy, business development and cooperation with key external stakeholders. His predecessor, Vyacheslav Solomin has become chief operating officer.

En+ also said its board had resolved to instruct the company’s management to prepare for a shareholder meeting in order for the shareholders to acknowledge the Barker Plan and to provide authorizations required for its implementation.

This will include the appointment of new directors and the implementation of certain governance structures as discussed with the U.S. Office of Foreign Assets Control (OFAC).

“The Company continues to focus on and prepare for the implementation of the Barker Plan ... and will make further announcements as soon as possible,” En+ said.

En+ also said its board had decided not to pursue further steps toward redomiciliation of the company from Jersey to Cyprus and to approve the continuance of the company as a legal entity incorporated under Russian law subject to compliance with applicable legal and regulatory requirements.

Reporting by Polina Devitt; editing by David Evans

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