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ROSNO Ex Chairman Levan Vasadze Returns to “SYSTEM”

ROSNO Ex Chairman Levan Vasadze Returns to “SYSTEM”

ROSNO first vice-president Anton Abugov has quitted the company, who used to manage AFK investments in telecommunications.

The board of directors of AFK Systema has published a new team of management on the website: after 9-year break, Levan Vasadze, the former vice-president, has returned to the board. He will occupy the position of the vice-president and manage the company investment portfolio.

At the same time, the current vice-president Anton Abugov has quitted the company. He plans to manage his own project. The AFK Systema press-service has not commented on why Vasadze has returned to the company.

The assets that will be managed by Vasadze have not been determined yet, Mikheil Shamolin, the Systema president, noted and added that it id not correct to say Levan Vasadze will replace Abugov.

AFK Systema has elected Vasadze for his competences in the field of investments. Prior to his quitting Systema, he was responsible for the company strategy and for seeking new assets and investment opportunities. He is expected to supervise the same  direction now.

Vasadze has worked for AFK Systema in 1998-2006 period. He used to supervise strategic development issues and supervised preparation of initial placement of shares (IPO) of MTS, AFK, ComStar and System-Gals.

Nine years ago, in April 2006, he became manger of ROSNO insurance company, that was co-owned by SYSTEMA. In February 2007 Allianz insurance company, a partner of AFK, bought off a stake in SYSTEMA and ROSNO – and Vasadze quitted the company.