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![TMCNet: Lord Myners to join Russian phone firm [Daily Mail, London]](http://images.tmcnet.com/siteart/invisible.gif)
Lord Myners to join Russian phone firm [Daily Mail, London]
(Daily Mail (London, England) Via Acquire Media NewsEdge) Nov. 19--Russia's second-largest mobile phone operator will appoint Lord Myners as an independent non-executive director today in a bid to overcome the corporate governance issues that stalled its pounds sterling 1.5bn London float.
Last week MegaFon pressed redial on its listing in London and Moscow aimed at raising up to pounds sterling 1.5bn having been forced to a delay following concerns about its probity.
In a major blow last month investment bank Goldman Sachs pulled out as an adviser over corporate governance issues.
The group, which is controlled by Russia's richest man, Alisher Usmanov, will say it has assuaged concerns with the appointment of the former treasury minister and member of the Court of the Bank of England.
Myners has also chaired Marks & Spencer and Land Securities.
A spokesman said: 'The appointment of Paul Myners reflects the importance MegaFon attaches to having a highly experienced board... ensuring adherence to UK corporate governance principles and representing the views of institutional investors in the board.
"Paul Myners has demonstrated a firm and principled approach to business and has not hesitated taking a tough stance when required." However Myners' record on ethics has come under question in the past. In 2009 it emerged he had links to offshore tax havens.
As the minister who lead attempts to stamp out tax avoidance he faced the embarrassment of having been chairman of a firm based in a tax haven.
The minister had helped set up Aspen Re in 2002 in Bermuda -- where insurers can take premiums raised in London and invest them tax-free.
The float would be one of the biggest foreign stock market flotations seen in London for a year.
MegaFon said with Myners appointment it will have a majority of board members independent of the management and the main shareholder.
The oligarch, who is also the second biggest investor in Arsenal, is seeking to list around 15pc of MegaFon, with the shares priced at between $20 and $25, valuing it at up pounds sterling 9.5bn.
Usmanov will retain more than 50pc via his firm and has an estimated pounds sterling 11.3bn fortune, is named as the world's 28th richest person by Forbes Magazine.
MegaFon joins a raft of foreign firms who have flocked to list in London because the exchange is supposed to set the benchmark in standards of reporting, and gives some assurance to investors.
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(c)2012 Daily Mail (London, )
Visit the Daily Mail (London, ) at www.dailymail.co.uk/home/index.html
Distributed by MCT Information Services
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