London-listed oil firm JKX said today that a company incorporated in Grand Cayman and owned by a Ukrainian politician has bought 19.97% of the firm.
Cascade Asset Management, owned by Vitalii Khomutynnik, a business man and member of the Ukrainian Parliament, bought the stake from Proxima Capital.
Vladimir Tatarchuk and Vladimir Rusinov, who served as representative directors of Proxima on the board of the Company, have both resigned with immediate effect. There are no current plans to replace them.
Hans Jochum Horn, chairman of JKX, which has assets in Russia, Ukraine and Hungary, said: “I would like to thank Vladimir Tatarchuk and Vladimir Rusinov for their support and contribution during a challenging phase in the Company’s history.
“The interim results demonstrate that we are making progress in stabilising the business and restoring shareholder value.
“We would like to welcome Cascade as a shareholder in the company. The board is committed to active engagement with all shareholders and we look forward to building a constructive relationship with Cascade.”