13th Dec 2018 12:50
13 December 2018
Mercantile Ports & Logistics Limited
(the "Company" or "MPL")
Board Change
The Company has been informed by Pavan Bakshi, Managing Director of the Company, that he wishes to stand down temporarily from his role with immediate effect.
The Company understands that Mr Bakshi was detained, charged and released in the United States in connection with an investigation into securities fraud concerning a company in the healthcare sector, completely unrelated to Mercantile Ports. Mr Bakshi denies any wrongdoing but, in order to properly defend the allegations, he has informed the Company of his wish to temporarily step down from the board.
In the meantime, Jay Mehta, Chief Operating Officer of MPL, will move to Managing Director. The board is confident that the strength and depth of the team on the ground in India will ensure that these changes have no impact on the Company's project at Karanja.
This announcement contains inside information.
Enquiries:
MPL | C/O Newgate Communications +44 (0) 20 3757 6880 |
Cenkos Securities plc (Nomad and Broker) | Stephen Keys +44 (0) 20 7397 8900 |
Newgate Communications (Financial PR) | Adam Lloyd / Fiona Norman +44 (0) 20 3757 6880 |
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