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Evraz PLC on Friday said all 10 remaining non-executives have left the Russian steel maker's board, with its recently appointed chief executive the last director standing.
Alexander Abramov, Alexander Frolov, Alexander Izosimov, Deborah Gudgeon, Eugene Shvidler, Eugene Tenenbaum, Karl Gruber, Maria Gordon, Michael Peat and Stephen Odell have left their non-executive posts, Evraz said.
Only CEO Aleksey Ivanov remains. Ivanov assumed the role from September 1, replacing Frolov who moved to a non-executive post at the end of August.
Friday's mass exodus comes after the UK Financial Conduct Authority on Thursday suspended the listing of Evraz.
The FCA said it suspended the FTSE 100-listed shares of the steel maker and miner ‘in order to protect investors pending clarification of the impact of UK sanctions’.
Shares were suspended from 11am on Thursday. Shares were down 80% over the past month.
Roman Abramovich, a major shareholder in Evraz, on Thursday was sanctioned by the UK for his links to Russian President Vladimir Putin. Branded a pro-Kremlin oligarch, Abramovich was targeted with an asset freeze and a travel ban on Thursday after ministers came under sustained pressure to target him over Moscow's ongoing invasion of Ukraine.
The updated sanctions list, which hits seven new elite individuals, said Abramovich has had a ‘close relationship for decades’ with Putin, which the Chelsea football club owner has previously denied.
Evraz on Friday said it is awaiting ‘further clarifications’ from the UK's Office of Financial Sanctions Implementation.
The company on Thursday confirmed Russian billionaire Abramovich's considerable holding, but denied that he had effective control, as well any involvement in supplying the Russian war effort in Ukraine.
Evraz confirmed that Abramovich holds a 29% interest in the company via Greenleas International Holdings Ltd, and is entitled to appoint up to three directors. So far, he has appointed two directors.
However, the company said it does not consider him as having effective control of Evraz, due to not holding more than 50% of shares, and is not able to ensure company affairs are conducted in accordance to his wishes.
In addition, Evraz denied that it was involved in providing any financial or economic contribution towards the destabilisation of Ukraine, including the potential supply of steel to Russia for the production of tanks.
The company said that it supplies long steel only to infrastructure and construction sectors.
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