UES board seeks answers.(Companies)

The board of Russian power monopoly UES is becoming increasingly concerned about the number of foreign acquisitions it has made over the past six months, says board member David Geovannis.

He intends to question the managers about a rash of acquisitions already acquired or being considered by company managers, without the knowledge or consent of the board. Geovannis represents minority shareholder Base Element, the Russian metals and mining conglomerate which owns 2-4pc of UES.

Over the last six months, UES has made acquisitions in Georgia, where it bought 75pc of the Telasi distribution company from US energy firm AES, and Armenia, where it took five-year …