UGC's management company appoints new president

MOSCOW. Aug 8 (Interfax) - Semyon Grinko has been appointed the new president of Uzhuralzoloto's (UGC) management company, according to the Unified State Registry of Legal Entities.

Grinko had not held any senior positions in the industry to date.

Grinko has over 30 years' experience in Russia's largest mining companies, UGC said, without providing details.

An individual with the same full name previously worked as a mineral processing engineer at gold miner Vysotsky (though left the company a couple of years ago) and is also listed as a member of the hockey team of Polyus . However, open sources do not allow for a definitive conclusion about whether the UGC management company's new president is the same individual associated with these companies.

The former president of UGC's management company, Konstantin Strukov, was removed from his position by court order in mid-July. Since then, Larisa Ivleva - a former UGC board member and, according to media reports, vice president of the management company - had been acting as interim president.

The Federal Property Management Agency (Rosimuschestvo), which is the controlling shareholder, appointed Grinko, UGC said.

"Arriving at the company, among the primary goals, we plan to conduct a comprehensive audit of current activities in order to form an objective picture of the production, technical, legal and financial status of the company to ensure the smooth functioning of the company in the interests of all shareholders," Grinko said in the statement.

Uzhuralzoloto is one of Russia's largest goldmining companies. It operates through two hubs, namely the Urals hub in the Chelyabinsk Region and the Siberian hub in the Krasnoyarsk Territory and Khakassia. Until recently, Strukov was the controlling shareholder, but in line with a court decision, since mid-July, 67% of the goldminer and 100% of its management company have been transferred to state ownership.