News

In September, auditors from the department of the Southern Office of the State Audit Service of Ukraine (SAS) in Nikolaev region intended to audit financial and economic activities of Chernomorsky Shipbuilding Yard within the framework of Corvette public program's implementation for the period from 1 January 2015 to 30 September 2017. Upon arrival at the company, the auditors were officially notified that there were no legal grounds for such audit because ChSY did not receive government funding under this program during the specified period.

A few days later the company received another letter from the department of the SAS’s Southern Office notifying it of the intention to make another audit of Corvette program, now for the period from 1 January 2011 to 30 September 2017. We have to state that this time the reasons for such an audit are also extremely doubtful from the legal viewpoint.

With effect from 20 September 2017, Mr Chris Hopkinson has joined the Board of Directors as a Non-Executive Director of the Company. Mr Hopkinson has extensive experience in the oil and gas industry, having worked in senior management roles in Khazakhstan, Africa, Russian Federation and the Middle East.

On Wednesday, 13 September 2017, the State Audit Service of Ukraine communicated a message where it expressed its surprise that their auditors were not admitted to Chernomorsky Shipyard (ChSZ) in order to audit the use of the public financing by the company in the framework of the Corvette Program’s implementation. In this regard, SMG considers it necessary to comment on the situation.

Mr. Adrian Coates has left the post of the Company's Independent Director, which he was occupying during the last 9 years. Mr. Bruce Burrows joined the Board of Directors instead.

UNEX BANK continues showing a positive financial result. 

Chernomorsky Shipbuilding Yard of Smart Maritime Group has completed the repair of the marine diving vessel U700 Neteshyn belonging to the Naval Forces of Ukraine.

Investigators and prosecutors of the Prosecutor General's Office of Ukraine are once again conducting searches at shipbuilding enterprises (Kherson, Nikolaev), in the head office of Smart-Holding (Kiev) and in employees’ apartments. 

Sergei Glazunov, who earlier was holding the position of an Independent Director of the company since February 2012, and later the position of the Financial Director since November 2014, is now appointed as Chief Executive Officer of Regal Petroleum plc. 
Evgeniy Palyenka is appointed as the Financial Director of Regal Petroleum plc. Mr Palyenka joined the company's executive team as an advisor in August 2016.

The daily production of hydrocarbons by Smart Energy Group increased by 20% in the first half of 2017 – from 3,963 boe (barrels of oil equivalent) per day at the end of December 2016 to 4,769 boe per day at the end of June 2017.