Board Director Baljeet Kaur Grewal15 Nov 2016 15:13
Checking the backgrounds of KMG board directors, we have found a discrepancy with this director. The KMG website states "15 years senior management roles in sovereign wealth funds, oil industry, and banking."
We cannot find any evidence of any prior work in a SWF or any oil-related company. As for banking, there is some evidence of research-related work within a bank.
We are concerned about possible liability so could KMG please clarify the situation?
KMG EP completes the sale of its interest in the LLP «Kazakhstan Petrochemical Industries Inc.»
Astana, 19 April 2012. JSC KazMunaiGas Exploration Production («KMG EP» or «the Company») announces the closing of the transaction to sell a 51% stake in the LLP «Kazakhstan Petrochemical Industries Inc.» («KPI») that operates the construction of the first integrated petrochemical complex in Atyrau region to the LLP «United Chemical Company», which has managed the KMG EP's stake in the project since 2009. The deal was approved by the Board of Directors of KMG EP on 2 March 2012.
The value of the transaction is 4.86bn tenge (USD 33.5m (based on the exchange rate on the day of payment). As investments were previously fully impaired , KMG EP will receive net gain of 4.86bn tenge as a result of this transaction. No tax consequences as initial investment was equal to the amount of sale.
The sale of the stake in KPI is a part of the Company's Strategy 2020, which includes divestment of non-core assets, including those related to petrochemicals.
KMG EP reiterates that these requirements are unlawful and unreasonable, and will not be satisfied. The Company stresses that this protest is not a lawful strike. This is confirmed by the decision of the judiciary, and the employer has the right to dismiss the participants of such protests in accordance with the Labour Code for absence from work without good cause. Currently, for this reason, 310 employees of UMG have been made redundant. Some of those dismissed have filed a lawsuit asking for reinstatement. However the city court of Zhanaozen denied the claims to reinstate the workers at the former place of work and of paying for time absent from work, thereby confirming the legitimacy of KMG EP's actions.
The Company is taking all necessary measures to restore the normal regime of operations at UMG. The workers are being addressed by the management, and the Company has organized alternative means of transporting work teams to the field. As a result of ongoing retraining the number of specialized technical units involved in the underground repair of wells has increased.
KMG EP intends to return to the daily production at the level prior the beginning of the strike by the end of September 2011. This will depend on restoring the number of personnel as soon as possible at UMG either by encouraging workers to return to work or as a result of hiring in their place new employees from the region. The Company is currently considering applications submitted for work at UMG.
Astana, 13 July 2011.JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") provides the following update on thesituation regarding the illegal protest action which is taking place at the production facility Uzenmunaigas (UMG) in the city of Zhanaozen (Mangystau region).
Currently, about 1225 UMG employees are abstaining from work. The number of working employees has diminished due to the fact that last Saturday, some employees of transportation units refused to go to work. They have formally addressed the Company's management and the city authorities of Zhanaozen requesting that the situation is dealt with: either by satisfying the demands of protesters, should they be valid, or by stopping the protest in accordance with the law. Concerns were also voiced over the safety of those who go to work, as well as their families. Some of the workers who refused to join the illeagal strike said to have received anonymous threats.
Following court decisions, law enforcement agencies have taken the necessary measures to restore order. Despite this, the protestors gathered in the main city square where an illegal rally took place, and continued to make demands for higher wages and reinstatement of all dismissed for absenteeism.