19:12 17.03.2023

Naftogaz on Friday reshuffles management in Kryvorizhgaz, RGC to prove its unlawfulness in courts

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Representatives of NJSC Naftogaz Ukrainy on Friday also brought their management to JSC Kryvorizhgaz, the RGC group has said.

RGC believes that, as in the Kharkivmiskgaz case, it is an illegal takeover since the new management was appointed by unlawfully changed members of the company's supervisory board.

"The current shareholders of Kryvorizhgaz have not changed. They selected the supervisory board at the shareholders' meeting back in 2021 in accordance with the law on joint stock companies. And the only way to legally change the supervisory board is in the same way – that is, at a meeting of shareholders," the group said.

"This means that the change of supervisory boards and management took place in an illegitimate way, which the current shareholders will prove in court," RGC said.

In turn, the gas distribution company created by Naftogaz, Gas Distribution Networks of Ukraine LLC (Gazmerezhi), insisted that the management change in Kharkivmiskgaz and Kryvorizhgaz was in compliance with applicable laws.

"Integration is taking place as planned and in compliance with applicable laws," the company said on its website.