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Wednesday, September 19, 2007

Russneft set to name new boss

18 September 2007 - Upstream OnLine - Russneft is set to elect Alexander Korsik as its new chairman tomorrow, replacing former owner, billionaire Mikhail Gutseriyev, who fled Russia to avoid tax fraud charges, according to reports. Korsik is the former chief executive of independent gas producer Itera and a long-time veteran of Russia's foreign ministry, sources at Russneft and Basic Element told Thomson Financial. Basic Element owner Oleg Deripaska is in the process of buying Russneft. Gutseriyev, who founded Russneft in 2002, resigned earlier this year amid what he called "persecution" by the authorities aimed at forcing him to sell his business. Russian investigators issued an international arrest warrant for Gutseriyev in August, accusing him of massive tax fraud and saying he had fled the country to avoid arrest. His company's assets have been frozen by a Moscow court.

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