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Not so Hopeful.
Have you seen the date on that article?
Aug 29, 2014.
Hello Lawrence.
No I never gave you a hard time. We didn’t always agree on some points but that was about it.
Are you involved in the “action group” still trying to get something out of this or has that disappeared too?
CWWX, Didn't you used to give me a hard time and that idiot R Brand
It is dead and buried.
Our government gave our money to UMMC
Just found out this evening. I thought the whole thing was dead and buried
Https://petropavlovsk.freeforums.net/thread/1/welcome-new-forum?page=1#post-2
Let’s create a new space just in case
Anyone heard anything about Russian shareholders asking UMMC to buy their shares?
Charlotte Philipps, member of the Board of Directors of POG was a member of the Board of Directors of Geotech Holding too.
https://eutoday.net/nikolay-levitskiy-hong-kong/
Https://www.theguardian.com/business/2024/jan/02/uk-refinery-owner-oil-stanlow-essar-litasco
But let POG crash
On 19/04/2022, Gazprombank (under all sanctions) demanded that Petropavlovsk Plc immediately repay a loan of $201 million and asked for another $87.1 million on the credit line the next week. A little later, it was announced that Gazprombank had transferred the rights to claim a $200 million term loan from Petropavlovsk to UMCC.
Gazprombank is a consistent partner in numerous deals of Rosneft.
Ural Mining and Metallurgical Company (UMMC, under UA, US sanctions) is one of the largest industrial holdings in Russia. It is involved in mining and processing of ores, production of metals, metal products, copper, and other metals. The main owners of Ural Mining and Metallurgical Company (UMMC) are Andrey Bokov and Iskandar Makhmudov (under UA, NZ, UK sanctions) Both of them are long-time friends and business partners. Companies Profil and Okhotresurs own a huge amount of hunting ground in Tver region. Okhotresurs belongs to Transmashholding of Bokarev and Makhmudov. Transmashholding owns 66% of Profil. The hunting grounds are used for their personal hunting. But 33% Profil belongs through a chain of companies to Rosneft-Uganskneftegas - subsidiary Rosneft. Igor Sechin hunts on those hunting grounds of both companies Profil and Okhotresurs. There is located personal manor or Igor Sechin with the famous production a food from wild animals.
On 18/07/2022, Petropavlovsk Plc was forced to declare its own insolvency and decided to file for administration.
On 01/08/2022, Petropavlovsk Plc and its administrators entered into an agreement with UMMC-Invest JSC for the sale of the key mines and other subsidiaries belong to Petropavlovsk Plc.
On 05/09/2022, Russian President Putin, by his decree, authorised UMMC-Invest (UMMC-Invest JSC is part of the UMMC) to acquire the key mines and other subsidiaries belonged to Petropavlovsk Plc.
On 12/09/2022, UMMC-Invest completed the acquisition of the assets of gold miner Petropavlovsk Plc.
On 31/12/2022, The mines previously belonged to Petropavlovsk Plc produced 11.4 tons of gold in 2022.
Administrators sad in the last report that they completed the investigation into the conduct of the directors)))
On 16/07/2019, Roman Trotsenko (under UA sanctions) adviser to CEO Rosneft Igor Sechin (under all sanctions) bought a stake in the gold miner Petropavlovsk.
On 08/11/2020, Charlotte Philipps was appointed as a Non-Executive Director of Petropavlovsk Plc and as Senior Independent Director of Petropavlovsk Plc on 17/08/2020. She was simultaneously a member of the Strategy and Investment Committee of the Board of Directors of Inter RAO UES Russia's largest integrated utility company, from June 25, 2013, to May 28, 2021. Igor Sechin was Chairman of the Board of Directors of Inter RAO UES from June 25, 2013, to May 28, 2021 (information for 2022 was classified).
On 25/12/2020, Pavel Maslovsky, ex-CEO of Petropavlovsk, was arrested. The criminal investigation was based on the resolution of the chief of Department «K», Service economical security FSB RF, General-Lieutenant Ivan Tkachev. In many publications, Ivan Tkachev has been named as «Sechin’s personal guard». He and his son, Alexey, were accused of embezzlement by inflating (slightly over £1 mln.) the price of an office building and land in Amur Region, Russia.
On 16/04/2021, Mikhail Irzhevsky (under UA sanctions) was appointed as an independent non-executive director of Petropavlovsk Plc. Irzhevskiy previously worked for at Freshfields Bruckhaus Deringer LLP from 1999 to 2013. During this time, Partner at Freshfields Bruckhaus Deringer LLP served as a consultant to Rosneft on various transactions.
On 31/12/2021, Petropavlovsk PLC ended 2021 with a $10 million decrease in cash flow and a profit of $1 million (Management report April actual results and 2022 Forecast). No information about the debt refinancing process has been provided.
On 09/03/2022, Company Region owned by Sergey Sudarikov (under UA, UK sanctions) acquired a 29.18% stake in Petropavlovsk. However, in early April 2022, the deal was canceled. Company «Region» manages the non-state pension fund of Rosneft.
Until the class action begins
*forum : I mean CHAT
Hello, Do you think this forum could be closed soon with the removal of POG?
@chippyjo; When shares are transferred out of the ISA you reacquire them outside the ISA at their market value on the date transferred which, unfortunately, is nil
The shares in POG were ejected from the ISA account in HL to a fund and share so why cant we use them to offset gains?
It’s no longer in a wrapper….
Regular trading account would be fine, losses in that can be used to offset gains.
You can't use capital losses in an ISA.aginast Capital Gains elsewhere. The HMRC aren't going to allow sheltering of Gains in the wrapper but usage of losses they aren't that generous!
Thanks Jezza!
On the legal challenge?
Can claim share shave nil value and use the losses against CG gains in year of claim or if no gains the losses can be carried forward
https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2023
The obvious tactic is if you have a negligible value share and make significant CG gain in one year then make the claim that year
Otherwise wait for HMRC to add the shares to their recognised list of nil value shares
https://www.gov.uk/guidance/negligible-value-agreements
Remember you must make a claim for losses on your SA return - if not made within 4 years they are lost - that will be 4 years from appearing on the HMRC list (I believe)
There is no refund for tax losses - losses in ISA have no tax benefit - no gain/no loss
I don’t think you can claim a refund on the cost of the shares.
However you can use the loss to offset any capital gains you made selling other shares I believe. Not sure about ISA or SIPP, but if you have a trading account and take profits, you can offset what you would have paid against the POG loss.
At least that’s what it used to be, I used to work for Lehman and had part of my salary in shares, basically it meant no capital gains tax one year.
Agree , any views on this would be interesting