15 May 2018 10:25

Former Summa exec Panchenko to remain on TransContainer board - paper

MOSCOW. May 15 (Interfax) - Alexander Panchenko, who has stepped down from his position as first deputy CEO of Summa Group, will continue to serve on the board of directors of TransContainer , national daily Kommersant reported on Tuesday, citing representatives of the group.

Summa owns a 25.07% stake in the container railway transport company, which will hold its annual general meeting on Tuesday.

The paper reported a source as saying that the candidates for the board were nominated before Summa owner Ziyavudin Magomedov, his brother Magomed and the former head of Intex Artur Maksidov were detained at the end of March and arrested the next day. Last week they were charged with organizing a criminal conspiracy, fraud, misappropriation and arms trafficking.

The paper reported the Summa representative as saying that Panchenko left the company "by agreement of the parties." He had held the position of first deputy CEO at Summa since March 2016. He joined Summa in 2012 and served as an advisor to the chairman of the board and manager of investment projects.

"At the company I worked on new projects, the main one of which was the upcoming privatization of TransContainer and future integration of the operator with Fesco to create a national champion. In the end, as is known, the government decided to postpone the sale of the stake in the operator that was scheduled for 2018. Taking into account the current circumstances, Summa's management decided to suspend development projects for the time being and optimize the structure. I understand these decisions, they are reasonable and necessary," the paper quoted Panchenko as saying.

As for Panchenko's new place of work, "there will be an understanding soon," the paper said. The paper reported that one of Panchenko's colleagues also linked his departure to TransContainer, saying that the privatization is still not happening, "so objectively, what is he supposed to do?" However, two transport market sources claimed that Panchenko's departure was not voluntary, the paper said.