16 Mar 2022 11:23

German Khan leaves Wintershall Dea board, payments to L1 suspended

MOSCOW. March 16 (Interfax) - German Khan has stepped down from the supervisory board of Wintershall Dea AG, the German oil and gas company said.

"All members of the Supervisory Board have been informed immediately. No confidential information regarding Supervisory Board topics will be shared with German Khan any longer," the company said.

The company also said that, in light of Khan's recent inclusion in EU and UK sanctions lists, "it is being examined whether this has further consequences for LetterOne as shareholder of Wintershall Dea AG."

"As a matter of precaution, all payments to LetterOne will be stopped for the time being," the company said.

Wintershall Dea said it "does not expect any impact on its operating activities and complies with all applicable laws and sanctions imposed as it has already done so far."

Wintershall Dea was formed in 2019 with the merger of chemical giant BASF's Wintershall and Dea, which was controlled by Mikhail Fridman's LetterOne. BASF owns 67% of Wintershall Dea common shares and LetterOne holds 33%.

Wintershall Dea announced in early March that, due to the situation in Ukraine and unprecedented uncertainty, it had decided not to pay dividends for 2021.