Shareholders of Russian gold miner Petropavlovsk voted on Monday against reinstating co-founder Pavel Maslovskiy and other members of the company’s board and called for an investigation into transactions over the past three years, the latest salvo in a battle for control of the group.
Maslovskiy, who was CEO, and other board members were voted off the board in June but the old board challenged the validity of that vote.
The current stand-off pits four shareholders led by rival miner and largest shareholder Uzhuralzoloto (UGC), owned by Russian billionaire Konstantin Strukov, against the old board which is backed by asset manager Prosperity Capital Management.
Shareholders also approved an independent investigation of related party transactions during the three years prior to the date of the meeting.