Veles Capital Concentrates 70% Stake in Ukrrichflot

Veles Capital Investor Relations Coordinator Tatiana Panasyuk told Interfax yesterday that her company has concentrated 70% of shares in Ukrrichflot (FLOT: N/R), the largest shipping company in Ukraine with a 54% share of Ukrainian river and sea transportation. Panasyuk did not reveal her company’s client, but Kommersant reported that it was done on behalf of Ukrainian mogul Konstantin Gryhoryshyn’s Energy Standard and Ivan Fursin’s Misto-Bank. Ukrrichflot scheduled an EGM for October 12 with an agenda of items such as changing the company’s President and Vice President, administration, supervisory committee and audit commission. Pavel Podlesny, the company’s CEO and who had been a shareholder in the company, told Kommersant that the consolidation of stakes was illegal and announced intentions to dispute the actions in court.