Schmolz + Bickenbach board of directors resigned

For several months, the struggle for power in the steel German group Schmolz + Bickenbach has been raging between the heirs of the founder of Renov and the board of directors. At an extraordinary general meeting, seven members of the board of directors resign.

The Schmolz + Bickenbach AG board decided to convene an extraordinary general meeting on September 13, 2013, this is reported by http://zavod812.ru . The election of new members of the Council in return to retire will be held at this meeting. The agenda will be published later.

The fact is that the heirs of the founder (S + BKG) in early May united with the Russian oligarch Viktor Vekselberg and wanted to take control with their energy corporation Renov on Schmolz + Bickenbach. They have already taken a decisive step, having agreed with the Council on the ordered transition of management a week ago. Recently, a list of candidates proposed for election to the Schmolz + Bickenbach council was published.

The dispute between the family and the Council began when discussing an increase in the amount of capital. The Council proposed to increase by 330 million CHF, and the heirs wanted an increase by 434 million CHF. The shareholders voted for the proposal of the board of directors at the General Assembly at the end of June. Renova and heirs were defeated. However, the heirs blocked all the resolutions of the General Assembly.

Currently, the group has debts of almost a billion Swiss francs. In addition, the company lost a reputation, since at the end of 2011 it turned out that the then chairman Mikhail Storm used the company's treasury in a private order.