22 Apr 2022 12:31

Andrei Bokarev resigns as president of Transmashholding, exits board of directors

MOSCOW. April 22 (Interfax) - Andrei Bokarev on April 22 resigned from his posts as president and member of the board of directors of JSC Transmashholding, the company said in a statement.

"Changes in the composition of the company's management will not affect compliance with the obligations assumed by Transmashholding, its subsidiaries and affiliates," Transmashholding said.

As previously reported, Great Britain a week ago updated its sanctions list to include several major Russian entrepreneurs, including Bokarev.

Transmashholding is Russia's largest manufacturer of rolling stock, with plants in St. Petersburg, Bryansk, Penza, Tver, and the Moscow, Rostov, and Saratov regions; as well as in Switzerland, Hungary, South Africa, Egypt, Argentina, Belarus, and Kazakhstan. The group's service division is represented by the legally independent Locomotive Technologies.

Companies controlled by entrepreneurs Iskander Makhmudov and Andrei Bokarev; and the chairman of the group's board of directors, Dmitry Komissarov, and the company's CEO, Kirill Lipa, own 79.4% of Transmashholding, with the latter two being the controlling shareholders. France's Alstom holds a 20% stake in Transmashholding.