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Gunvor Group perplexed by mass media reports about investor Pyotr Kolbin

The company however doesn't plan to go to court

TV Rain studio Sergey Fadeichev/TASS

TV Rain studio

© Sergey Fadeichev/TASS

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GENEVA, September 30. /TASS/. International energy company Gunvor Group is perplexed by reports in mass media concerning participation of Russian businessman Pyotr Kolbin in its equity but does not plan to go to court, Gunvor’s Corporate Affairs Director Seth Thomas Pietras told TASS on Thursday.

"It's old news and it is inaccurate. That's why we put out a statement," Pietras said commenting on the investigation staged by Russia’s TV Rain, featuring ex-minority shareholder of Gunvor Group Pyotr Kolbin. "The problem is that neither TV Rain, nor other journalist called even for comments to confirm any details. All they did was inaccurate information. They have tried to publish something that is just not true," Pietras added.

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"We think that statements about our company are absolutely wrong. But the best thing we can do is to be opened and transparent. If members of the media have questions, we welcome them. To report something without even calling to a company is surprising, to be honest," Gunvor’s representative said.

"Recent reports concerning Gunvor’s ownership contain unchecked falsehoods," the company said in the press release posted on its website on Wednesday.

"In 2007, for about a year, Mr. Pyotr Kolbin was a minority investor in Gunvor at a time when the company was looking to diversify its funding base as it grew. His participation did not ultimately make strategic sense and ended completely. He has not had any involvement in the company in almost a decade. Reports about Mr. Kolbin joining the company from 2005 to 2010 are false," Gunvor said.

"In addition, neither Gunvor’s revenue nor "value" was "$70 billion in 2010", as has been misreported by various news outlets," the company said in its press release.

Kolbin is included in the US sanctions list against Russia.

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