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Deripaska Loses UES Board Bid.

Europe Intelligence Wire

| July 01, 2004 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From The Moscow Times)

ZELENOGRAD, Moscow Region -- Metals tycoon Oleg Deripaska failed in his bid to be elected to the board of Unified Energy Systems, headed by his rival Anatoly Chubais.

The new 15-member board voted in at the UES annual shareholder meeting Wednesday counts 10 government representatives, as well as five strategic investors --Yevrazholding, Gazprom, ESN Energo, Interros and MDM Bank.

"We are more than satisfied with the results of the meeting," UES CEO Chubais said at a briefing. "There were no strategic changes in the board of directors and this is good."

But Chubais did say he regrets that Seppo Remes, director of …

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