Michael Cherney

Our article “Bid to buy Romanian refinery raises concerns” on 20 December 2006 reported on a takeover bid by PMG, an Austrian foundation, for the Rafo refinery in Romania and referred to past investigations carried out by law enforcement agencies relating to Michael Cherney.

Although Mr Cherney had an interest in the refinery in 2005, he wishes to make clear that he does not have any ongoing interest in the takeover. We are also happy to clarify that the article did not intend to make any allegation of personal involvement by Mr Cherney in the crimes which were the subject of those investigations or crimes that may have been carried out in the Russian aluminium wars of the early 1990’s. None of those investigations resulted in Mr Cherney being charged with any criminal offence.