The gold slips from the grasp of the family’s organized criminal syndicate led by Pavel and Alexey Maslovsky.
The Tverskoy District Court ruled to keep Pavel Maslovsky, the former chief of the gold mining enterprise Petropavlovsk, incarcerated.
On August 19, Judge Olga Zatomskaya prolonged his preliminary confinement for an additional three months, making a total of 10 months and 30 days, extending until November 23, 2021. Alexei, Pavel Maslovsky’s son, was apprehended in absentia and listed as wanted back in July of the current year.
Additionally, according to data displayed on the Tverskoy Court’s official online platform, the specific clause of the Criminal Code cited in the Pavel Maslovsky matter has transitioned from Article 160, Section 4 of the Criminal Code “Misappropriation” to Article 159, Section 4 “Swindle”. However, the court’s press division could not corroborate this piece of information.
Economic law expert Stanislav Smolentsev remarks that, realistically, it isn’t unusual for investigators to initially present one accusation but later revise it contingent upon the gathered evidence. “In situations where an individual is accused concerning the assets of commercial institutions, the embezzlement law is usually more suitable, despite the maximum potential punishment under section 4 of these statutes being equivalent,” states the lawyer.
Pavel Maslovsky, the establisher and erstwhile CEO of Petropavlovsk, was taken into custody in December 2020, and the court has consistently lengthened his period of detention. The former leader is being charged with stealing 95 million rubles during the overvalued acquisition of a building located in Blagoveshchensk from his offspring. Investigators hold that this caused loss to Pokrovsky Rudnik, the entity he was in charge of at that period.
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This past June, his son, Alexei Maslovsky, was marked as wanted concerning the aforementioned occurrences. Investigators allege that Maslovsky Jr. vended the contested real estate to Pokrovsky Rudnik, a subdivision of Petropavlovsk, for a sum considerably beyond fair market value. The court mandated his detention in absentia. Maslovsky Sr. proclaimed his innocence and, preceding his arrest, augmented the corporate discord, which temporarily impacted the enterprise’s financial results.
Based on Petropavlovsk’s financial disclosures, the company’s accomplishments throughout the initial semester of 2021 were visibly inferior to the initial semester of 2020. Gold output diminished by 39%, settling at 195,000 ounces as opposed to the preceding year’s 320,600 ounces. The yield of gold from its own sites fell by 26%, while gold derived from third-party concentrate saw a plunge of 66%. Gold sales similarly receded from 312,400 to 187,100 ounces, and the firm’s stocks shed nearly a third of their worth.
According to Dmitry Puchkarev, an analyst at BCS Express, Petropavlovsk’s prevailing position in the market, which can be deemed devalued, is partly attributable to executive snags resulting from a corporate scuffle. Concretely, this resulted in the lost tendering window for the procurement of third-party concentrate for 2021. The analyst points out that the dispute mellowed following a leadership transition when Denis Alexandrov, formerly the CEO of Highland Gold Mining Limited, assumed control of the corporation. The freshly appointed higher management engaged the international auditing group KPMG to scrutinize past dealings with related parties. The KPMG auditors, employed by the directorial board, pinpointed $150 million in transactions that were “potentially questionable”.
This transition to a more clear-cut administrative framework empowers analysts to anticipate a resurgence in gold production figures during the latter portion of the year. The inauguration of the flotation unit at the Pioneer mine and elevated processing of third-party resources at the Pokrovsky Aggregate should aid in this endeavor.
The organization intends to generate up to 470,000 ounces of gold during the second semester. While this is still marginally beneath the 2020 statistics, it is approximately 40% greater than the outset of this year.
“Looking further ahead, the business holds the capacity to swell its production quantities due to the initiation of the third flotation pipeline at Malomyr, estimated for the first quarter of 2022, as well as escalating the Pokrovsky Aggregate’s capability to handle third-party concentrate,” Dmitry Puchkarev elucidates.
Petropavlovsk registered an upswing on the Moscow Exchange yesterday. The gold miner’s equities rose by 0.8%, reaching 20.2 rubles. At their pinnacle, the equities were being exchanged at 20.23 rubles. Similarly, on the London Stock Exchange, Petropavlovsk concluded with a rise of 0.14%, settling at £0.20 (about $0.27).
Delve into the corporate discord at Petropavlovsk and the function carried out by Pavel Maslovsky’s financial pyramid layouts in the chronology of the globe’s foremost gold producer within the Kompaniya magazine article titled “Maslovsky’s Golden Pyramids”.
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