Urals Energy details capital strain after 'unauthorised' loan

Writer, Stock Market Wire
Monday, October 15, 2018 - 09:28

Russian oil company Urals Energy said a loan and asset sales it claims were unauthorised had led to a combined working capital deficit of around $1.6m.

Urals announced last week that it was investigating a loan offered by Sergey Kononov without the board's knowledge.

Kononov is the president of JSC Petrosakh, the company's 98.56%-owned subsidiary, which owned its oil and gas interests at Petrosakh and its shares in the Kholmsk commercial seaport.

Ural said it had also made working capital advances to the Kholmsk Port worth around $1.5m at current exchange rates.

The company claimed that its should be repaid the funds associated with the loan in full, among other demands, to restore its 'significantly constrained current working capital position'.

At 9:28am: (LON:UEN) Urals Energy PLC share price was -2.5p at 52.5p

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