18th Feb 2019 18:15
LONDON (Alliance News) - Volga Gas PLC on Monday said four employees of Baring Vostok have been arrested and detained at the order of a Moscow district court.
The oil & gas exploration and production company said Baring Vostok believes the charges against the four persons, including Michael Calvey, a non-executive director of Volga Gas, are related to an ongoing commercial dispute between shareholders of Russia's Vostochny Bank.
Volga Gas said these law enforcement actions are not related to its activities, and both Volga Gas and Baring Vostok continue to operate "as usual".
The company also said it intends to appoint an alternate as Calvey will be temporarily unable to fulfil his duties as a director of Volga Gas.
The appointment of an alternate will be confirmed and announced on the successful completion of all regulatory checks by the company's nominated adviser.
Volga Gas shares closed 1.6% lower on Monday at 47.25 pence each.
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