ENRC sees boardroom shakeup amid new legal appointment

Michael Bow
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TROUBLED mining giant ENRC saw corporate wrangling continue yesterday after it lost its chief commercial officer and replaced a key legal adviser, casting further gloom on the company’s share price.

The Kazakh-focused miner, known as Eurasian Natural Resources Corporation, said chief commercial officer Jim Cochrane had resigned from the board and the company’s executive committee with immediate effect.

Chief executive Felix Vulis said: “We respect his decision to move on and thank him for his considerable contribution to the commercial strength and governance of our group during his tenure.”

The company also said it had replaced the legal adviser helping the company investigate whistleblowing claims of wrongdoing at some of its mining operations, with Fulcrum Chambers replacing Dechert. ENRC chairman Mehmet Dalman is currently leading a plan to improve corporate governance standards at the company.

ENRC, which has operations and projects in the former Soviet Union, Africa and Brazil, is battling to restore its reputation with investors and to revive a languishing share price.

Shares tumbled 4.54 per cent yesterday.