Stirling-based Superglass has confirmed the resignation of Russian executive Maxim Goryachev.
Wool insulation maker Superglass said the departure was “deemed appropriate in the current circumstances”.
Companies House records show Goryachev resigned as director of Superglass on March 18. He was appointed to its board of directors in April 2017.
The company is a subsidiary of the building materials group TN International, of which Goryachev is the managing director.
It is owned by Inflection Management Corporation, an investment company based in Cyprus. The inflection is under the control of Russian national Sergey Kolesnikov.
Superglass said Russia is not one of its export markets, focusing mainly on Europe and the UK.
A Superglass spokesperson said: “While Superglass was under no obligation to do so – to be clear, no person or product is subject to sanctions of any kind – it was deemed appropriate in the circumstances. to revert to an all-UK-based board of directors.”
The Scottish government has asked the business community to stop trading with Russia following its invasion of Ukraine.
Earlier this month, Lindores Abbey Distillery in Fife announced that two Russian directors – Anton Buslov and Sergei Fokin – who were majority shareholders, had resigned.
Founders Helen and Andrew McKenzie Smith said: “We have never hidden the fact that we have Russian investors and indeed these investors were introduced to us by Business Gateway, a Scottish government agency.
“They are certainly not oligarchs and certainly not on any sanctions list; they are first and foremost whiskey lovers.
“We at Lindores totally deplore and condemn the current situation in Ukraine.
“We have had frequent discussions with our Russian shareholders and today they are stepping down as non-executive directors of the company.”
The founders are in talks to acquire the majority of the shares of the two directors following their resignation.
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