Change of management of “Southern Mining and Processing Plant” was within the law.

This is stated in the press-service YuGOK.

As you know, earlier UNIAN, part of media holding Igor Kolomoisky, reported on the raider and capture enterprise change management.

“The decision to change the leadership of” Southern Mining and Processing Plant “from April 30, 2010 fully complies with legal standards” – said board member YuGOK Alexander Rybalko.

Rybalko stressed that this decision was initiated and supported by shareholders, the owners of 99.9% of the shares.

Among the reasons for the change of government YuGOK member supervisory board called “the ineffectiveness of the previous management, as well as its inability to define the strategy of the enterprise and develop a program of modernization.”

“The reasons for the change of leadership of the Southern Mining – work the previous management of the factories led not to development, and the destruction of the enterprise,” – said board member YuGOK.

“Modernization and renovation of production has taken place, the salary of workers was at its lowest level in the industry, and in 2009 completed YuGOK with a net loss in excess of 73.5 million UAH.” – Said Alexander Rybalko, noting that the management of plant while the last 2 years not presented to shareholders or plan of development or investment program.

It was reported that members of the Supervisory Board of OAO “Southern Mining and Processing Plant” at the meeting of April 30, 2010 was appointed to the post of Acting Chairman of the Board of the Southern Mining Michael Korolenko. He was also elected as the new head of the Supervisory Board YuGOK Lastenko Alexander, who succeeded the CEO “Slavutych Capital” Gennady Korban (man Igor Kolomoisky).

OAO “Southern GOK” (Krivoy Rog, Dnepropetrovsk region) is one of the major producers of iron ore – concentrate and sinter – in Ukraine.

Currently, the major shareholders of Southern Mining Company are “Smart holding” and the structure of Roman Abramovich (sobstveniki “Evraz Group”), which in late 2007 acquired 50% stake in the group YuGOK “Private”