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Borov Dol, as a socially responsible company and a firm advocate of management principles within ESG (environmental, social, and corporate governance), announces recent activities to support the local community during the festive period.

As part of its ongoing commitment to encourage sustainable growth and development of the community, the mine donated a passenger van to the wrestling club Bucim Champions Konche during the New Year’s holidays. This contribution aims to improve the operational efficiency of clubs to facilitate the transportation needs necessary for the development of young, promising athletes in Konche Municipality. The gesture reflects Borov Dol’s commitment to supporting extracurricular activities for children in the region.

The deputy manager of the Bucim and Borov Dol mines, Ivica Karapetrov, expressed his enthusiasm for the contribution, stating: “Sport has the power to shape character and instill valuable life skills. Investing in the development of our youth is an investment in the future. We aim to encourage young athletes to pursue their passion with greater dedication and reach their full potential.”

In addition to the donation of a passenger vehicle to the local wrestling club, the Borov Dol mine continued its tradition of bringing joy to children from socially disadvantaged families in Konche Municipality during the New Year’s holidays. The mine gave Christmas packages to the children of these families, bringing warmth and happiness during the holiday season. New Year’s packages were also awarded to all the children in the Kindergarten “12 July” in Konche, as well as to the youngest members of the wrestling club, “Bucim Champions Konche”.

“We believe in creating value not only for our shareholders but also for the communities in which we operate. These socially responsible activities reflect our commitment to ESG principles and emphasize our determination to make a positive impact on society”, added Alexander Rakov, manager of Bucim and Borov Dol mines.

Following the tradition of bringing smiles and joy during the New Year’s holidays, the Bucim and Borov Dol mines organized several holiday donations this year in the municipalities in which they operate – Radovish, Konche, and Shtip.

The mines continued their tradition by distributing packages to over 1 200 children. This year, representatives of Bucim and Borov visited the Poraka Day Center for people with intellectual disabilities, kindergartens in Radovish and Konce, wrestling clubs in Radovish and Konce, and various associations and educational institutions. Each child was delighted with a New Year’s gift, which is a special part of the tradition of the Bucim and Borov Dol mines.

Donations to the youngest residents are carried out in the local communities where the mines operate. Alexander Rakov, manager of Bucimi Borov Dol, said: “During these days, we feel the true meaning of community spirit. This initiative is not only a tradition for us but also a way of putting smiles on the faces of children in our communities. Their joy is our joy!”

Ivica Karapetrov, deputy manager of Bucim and Borov Dol, added: “We are sincerely happy that we can mark these holidays with gifts for the young children. Their smiles are our greatest reward, and the joy on the children’s faces is the best indicator that we are making a positive change in society.”

In addition to the distribution of New Year’s packages for children, the mines also supported municipal New Year’s activities and donated New Year’s packages to various communities and organizations, including the Municipal Organization Red Cross – 

Radovish intended for the socially vulnerable families in Radovish, the Association of Turks for Humanitarian and cultural activities Kudret Jasham Dernegji and the State High School for Education and Rehabilitation “Iskra” – Shtip, as well as for the children of socially vulnerable families in Konche Municipality. Also, this year, the mines supported the municipal activity in Radovish – “Meeting with Santa Claus” and Christmas litany.

The Bucim and Borov Dol mines will continue with this tradition to mark the festive spirit and make the youngest residents of the local communities happy.

As a demonstration of the Bucim’s commitment to caring for the community, the mine made a significant contribution to the municipality of Radovish by donating a passenger vehicle, which once again confirms its commitment to encouraging positive changes in the community.

This philanthropic gesture aims to address the multifaceted needs of Radovish residents, providing a vital solution to challenges related to communication and mobility within the municipality. The donated vehicle represents a tangible commitment to partnership and cooperation between Bucim Mine and the municipality of Radovish. Designed to benefit local schools requiring transportation for practical teaching purposes, the donated van will also serve as a valuable resource for cultural societies, non-governmental organizations (NGOs), and sports clubs, facilitating seamless travel for their diverse activities.

Aleksandr Rakov, Manager of Bucim and Borov Dol Mines, expressed the mine’s commitment to the welfare and progress of Radovish, stating, “This vehicle signifies our dedication to supporting education, culture, and sports, while enhancing accessibility for those facing mobility challenges. We eagerly anticipate observing the positive impact this donation will have on the community.”

The official handover ceremony, which took place on 25.12.2023, symbolizes Bucim Mine’s unwavering commitment to fostering a stronger and interconnected Radovish. This initiative is aligned with the mine’s ongoing efforts to be a responsible corporate citizen, actively contributing to the betterment of the communities it serves.

The Borov Dol mine proudly announces the donation of a state-of-the-art playground for the children of Shtip. This initiative underscores the company’s dedication to community enhancement and its commitment to fostering better living conditions.The newly constructed children’s playground, furnished with modern equipment for both individual and group activities, was officially opened on October 27, with the presence of Shtip citizens, local government representatives, and members of the Borov Dol mine team. The estimated value of this donation is approximately 22,000 euro.

“We firmly believe that this contribution will significantly enrich the playful experiences of the youngest residents of Shtip. The playground was established in collaboration with the Municipality of Shtip, which identified Borov Dol Mine as a crucial partner for supporting socially impactful projects such as this children’s playground,” stated Ivica Karapetrov, Deputy General Manager of Bucim and Borov Dol.

The Mayor of the Municipality of Shtip, Ivan Jordanov, expressed his gratitude for the donation, emphasizing that it fulfills a crucial need for the city, providing essential resources for the proper development and socialization of children. “Borov Dol’s decision to donate such a facility for our young ones is a testament to their social responsibility. I am confident that the children will make good use of and cherish this space. I extend my heartfelt appreciation to the Borov Dol мine for responding our call and contributing to the enhancement of the Senjak neighborhood, providing a delightful corner for the younger generation to enjoy and relax.“

The Borov Dol Mine maintains consistent engagement with communities and prioritizes its growth and development through continual collaboration with residents, regardless of the project’s scale, be it local or national. “Only through responsible action we can effectively foster tangible changes within communities. Our efforts are geared towards establishing enduring values and ensuring sustainable opportunities for growth and societal development,” remarked Alexandr Rakov, General Manager  of Bucim and Borov Dol.

Bucim made its debut at the Wizz Air Skopje Marathon, with over 20 employees joining the 5 km team race held on October 1, 2023, during the country’s most significant sports event.

Driven by the spirit of recreation and camaraderie, Bucim sponsored its employees’ participation in the 19th edition of the Skopje Marathon, providing them with necessary running gear. Committed to the well-being of its workforce, Bucim supports initiatives that enhance both physical and mental health while fostering unity within the team.

The employees successfully completed the marathon, crossing the finish line with commendable achievements. With over 11,000 participants, the event proved to be instrumental in strengthening team cohesion and provided an enriching experience for the Bucim team.

“The participation of our employees in this athletic endeavor exemplifies the collective energy and enthusiasm within our company. I anticipate this marathon becoming a cherished tradition, promoting the values of a healthy lifestyle and teamwork among our employees.” – Alexandr Rakov manager Bucim and Borov Dol

Bucim and Borov Dol backed the “Superior Runs – Get Up and Run!” campaign, demonstrating their dedication to an active lifestyle and the local community. The citizens’ association organized the inaugural race in Shtip, which received the support of the two mines.

The participation of Bucim and Borov Dol’s employees in this initiative signifies a further stride in promoting the importance of a healthy lifestyle, a value cherished by both establishments. In line with this ethos, the employees, alongside the corporate management, joined their first marathon on April 30 in Shtip. 15 employees participated in the “Superior Runs 5k” race, successfully completing it alongside the management team.

Besides endorsing the event, Bucim and Borov Dol actively engaged in the city race to foster enthusiasm for sports and emphasize the impact of physical activity on individual and collective well-being. This involvement not only encourages a healthier lifestyle among the employees but also fosters a stronger sense of community and teamwork. Moving forward, the mines plan to continue supporting initiatives that encourage a healthy and dynamic lifestyle within the community and among their staff.

@creative.fellowship initiative (CFI), an edutaining  activity, run in N.Macedonia in cooperation with DOOEL Bucim Radovish  as a part of the global program for young talents since 2017  will assist Macedonian applicant invited to audition for a training contract at the Jugendkompanie of Ballettakademie der Wiener Staatsoper. 

This one-time assistance will be provided to one applicant, officially invited by the Ballettakademie der Wiener Staatsoper to take part in its in-person audition held on March 12, 2023 in Vienna and will cover an economy class air ticket Skopje – Vienna – Skopje, one night stay at a two star accommodation facility as well as an in-person supervision during the visit that would not include the escort’s presence at the audition. Audition at the Ballettakademie der Wiener Staatsoper is by invitations only. 

To be eligible for this exciting opportunity, applicants must be between 17 and 20 years old at the time of the audition and have a professional dance education with a focus on classical ballet.  To be invited to the audition candidates must send their CV, photo, and a video link of their barre, middle, jumps, point (ladies), classical and contemporary solo to Mr. Callum Hastie, Ballet Master of the Jugendkompanie at Callum.Hastie@wiener-staatsoper.at by February 24, 2023. 

The Jugendkompanie  of Ballettakademie der Wiener Staatsoper provides a comprehensive training program to its members, granting them a maximum of two seasons to hone their skills and gain valuable stage experience in close cooperation with the Wiener Staatsballett. The dancers receive additional training, individual coaching, and regular opportunities to perform in productions of the Wiener Staatsballett. As a member of the Jugendkompanie, the student will receive a flat-rate reimbursement of EUR 650.00 per month to cover expenses. 

To apply for CFI assistance the selected candidate should send his/her request with  the proof of official invitation to the audition from Ballettakademie der Wiener Staatsoper to info@creativefellowship.org  Applications for assistance will be considered on the first come – first served base only.

Don’t miss this once-in-a-lifetime opportunity to audition for a training contract at one of the world’s leading ballet academies. Showcase your talent, receive top-notch training, and gain valuable stage experience at the Ballettakademie der Wiener Staatsoper. 

In N.Macedonia Creative Fellowship initiative (CFI) is run in cooperation with DOO Buchim Radovish with support of Solway Investment Group.  The program enhances the development of life essential skills and competencies that boost creativity, as well as stimulates quality, innovation, and the recognition of the work of young people. The fellowship supports these young people in pursuing their creative potential, thereby contributing to improvements in the quality of life in underprivileged economies.

Bucim DOOEL Radovish is continuing its commitment to sustainable community development with its latest initiative in Konce. Last year, the company started a similar initiative in the city of Radovish, and this new project is the second of its kind. With a donation of 10,000 m3 of crushed stone buffer, worth approximately 40,000 euros, Bucim is providing vital support to local infrastructure projects.

The crushed stone buffer will be used to improve local streets, enhancing access to homes and improving communication and connectivity between settlements. Bucim’s dedication to sustainable community development is reflected in this donation, which will positively impact the lives of residents in the area.

“At Bucim, we strive to be responsible corporate citizens, and we are proud to make a positive impact on the communities in which we operate,” said Oleg Chusoviton, general manager at Bucim DOOEL Radovish. “Our donation of crushed stone buffer is a tangible expression of our commitment to sustainable community development, and we are thrilled to support the municipality of Konce in their efforts to improve local infrastructure.”

This new initiative from Bucim builds on the company’s ongoing commitment to social responsibility, sustainability, and community development. By donating crushed stone buffer to local infrastructure projects, Bucim is demonstrating its dedication to the growth and development of the community.

After reviewing the videos of the news on TV24, report by the journalists Stojancho Micevski and Aleksandar Todeski entitled “One of the two directors of the Bucim mine on the black list of the USA” released on November 26, 2022 and “Kudryakov is still in the Central Registry of Bucim, the company says that he has been dismissed ” posted on November 28, 2022, please see the below point by point factual corrections. After reviewing this, we respectfully request that this be corrected in the public record. We reserve all rights. 

Claim

One of the two directors of the Bucim mine in Radovish is on the US blacklist – the State Department suspects Dimitry Kudryakov of Russian influence and corrupt schemes in Guatemala. Bucim says that he has been suspended. Officially, Kudryakov still appears as the manager of Bucim.

Response

Dmitry Kudryakov was immediately suspended as of November 18, 2022, the date that Solway learned of the US sanctions. The resolution for his recall from position as Managing Director was delivered to the Bucim for proceeding in the Central Registry of North Macedonia which .official procedure takes up to 5 working days.  All the required suspension procedures were completed accordingly, and on 29^th of November the change was effected in the Central Registry.

Claim

Dmitry Kudryakov is represented as the leader of the Russian operations of Solway in Guatemala, who, together with the Belarussian citizen Iryna Litviniuk, for years led schemes for bribery, support for corruption, misuse of state funds, in which judges, government representatives were involved.

Response

We reiterate that Solway Investment Group is not a Russian company, is not owned by Russian citizens and does not have any business relations with Russia. As early as 3 March 2022, Solway clearly stated its position against the war in Ukraine and announced and ultimately completed its withdrawal from its only two investments and operational projects in Russia at the time which represented less than 10% of the global operations of Solway 

Solway’s subsidiaries in Guatemala Compania Guatemalteca de Niquel SA (CGN), Compania Procesadora de Niquel de Isabal SA (Pronico), are not and have never been owned or controlled in whole or in part by either of the two individuals mentioned as sanctioned. These entities and Solway are not owned, associated or affiliated with the Russian state government. 

Only one out of the two managers sanctioned by the US was employed in North Macedonia and he is suspended as of November 18, 2022, as referenced above. Importantly, the US sanction deals with Guatemala and does not reference any activity in Macedonia. Solway has engaged lawyers and investigators to investigate the allegations in the sanctions and is doing a top to bottom and bottom to top independent review of its anti-corruption compliance systems. Solway has zero tolerance for bribery, corruption or any manner of breaking the laws of the countries where Solway operates. 

Employees, officers and directors of Bucim and Borov Dol take this matter very seriously and believe in strict compliance with all government laws in the conduct of our businesses. Through the U.S. law firm Seiden Law Group LLP we are fully cooperating with the US government. It is actively investigating the facts and circumstances that gave rise to the alleged conduct by the now-suspended employee related to their sanctions and is instituting measures to ensure full compliance with the sanctions and investigation of any of the alleged conduct referenced in the sanctions. 

Claim

It is noted that Solway through the subsidiary Bucim stated that Dmitriy was suspended immediately on 18.11.2022 and is no longer employed by the Group and its subsidiaries.

Response

We note that Solway is not sanctioned and is in the process of working with the US to have a transparent and amicable resolution to this matter as soon as legally possible. By resolution of Bucim’s shareholders Dmitriy Kudryakov was officially revoked from any connection with Bucim, including his previous position of manager of Bucim. The official changes in current standing were effected on 29^th of Novemebr.

Claim

It was stated that no answer was provided to the question whether Kudryakov operated from Macedonia. (Is Kudryakov on some position in your companies in Guatemala, or was he operating from Macedonia, according to the US Department of the Treasury)

Response

Dmitry Kudryakov has been working in North Macedonia only since June 2021. And he was permanently in Guatemala and began to periodically stay in North Macedonia only from August 2021. His stay in Macedonia was less than 180 days during the year.

Claim

The recent meeting with the President of the Chamber of Commerce and the President of the Macedonian Mining Association is mentioned, in connection with the energy crisis. In the narrative it mentions that Dmitry Kudryakov was leading the negotiation in the name of Bucim and Borov Dol.

Response

No evidence has been presented raising suspicion at this time. Solway will investigate any matter brought to its attention that involves improper conduct. High price of electricity is the main issue for all production capacities in Macedonia. Finding a solution for acceptable price range for electricity at this time is the main task for every company. In this way Bucim, as the main consumer of electricity in production process Bucim and Borov Dol, together with President of Chamber of Commerce as leading Chamber in Macedonia and Macedonia Mining Association are seeking all possible solutions for electricity price reduction which is common practice of cooperation worldwide. 

Claim

Mining secrets publications and allegations related to bank transfers of 1,9 bln USD with Estonian banks

Response

The report prepared by Clifford Chance law firm indicates that at first Clifford Chance started investigating all accounts assigned to non-Estonian residents and off-shore companies. Companies mentioned in the articles could have been indicated as high-risk companies by the initial investigation according to these criteria. As far as we know none of these companies or the shareholders were included in the final Clifford Chance report.

Claim

Kudraykov is not unknown in the mining sector in Macedonia, he was the general director of the SASA mine since 2006 when the owner of the mine was the company Solway Investment Group, the current owner of Bucim. He returned to the country last year, as the economic director of Bucim, after he was previously delegated to Guatemala, where he is suspected of conducting several schemes for Russian influence with the Belarusian citizen Irina Litvinyuk, in which, according to the State Department, politicians, judges and government officials were involved.

Response

Dmitriy Kudryakov was appointed as Managing Director of Bucim in June, 2021.  His area of responsibility included only technological issues of the mine, and he has never been economic director of Bucim.  His responsibility as Managing director of company is stated in articles of Trade Companies Law of Macedonia and describe in the Foundation Statement of Bucim which is public document and is available in Central Registry of North Macedonia.

In response to the recent statement by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on sanctions targeting alleged Russian involvement in Guatemala’s mining sector, on behalf of Solway Investment Group we would like to declare the following:

Solway Investment Group (“Solway”), a Swiss family-owned company, and all of its subsidiaries, employees, officers and directors take this matter very seriously and believe in strict compliance with all government laws in the conduct of our businesses. Solway is fully cooperating with the US government through our U.S. law firm Seiden Law Group LLP. It is actively investigating the facts and circumstances that gave rise to the alleged conduct by two now-suspended employees related to their sanctions. We note that Solway is not sanctioned and plans to have a transparent and amicable resolution to this matter as soon as legally possible. We further note that the sanctioned entity Mayaniquel is not and has never been a part of Solway Investment Group.

Solway’s subsidiaries Compania Guatemalteca de Niquel SA (CGN), Compania Procesadora de Niquel de Isabal SA (Pronico), are not and have never been controlled by the individuals mentioned as sanctioned. These entities and Solway are not owned, associated or affiliated with Russian state government figures. Both sanctioned individuals Dmitry Kudryakov and Iryna Litviniuk had held management positions in the subsidiaries for many years; both have been immediately suspended from their positions pending the results of the investigation by outside legal counsel.

We emphasize that Solway Investment Group is not a subject of the recent decision by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on sanctions targeting Russian involvement in Guatemala’s mining sector and does not fall under sanctions.

We reiterate that Solway is not a Russian company and does not have any business relations with Russia. As early as 3 March 2022, Solway clearly stated its position against the war in Ukraine and announced its withdrawal from its only two investments and operational projects in Russia which represented less than 10% of the global operations of the Group and did legally complete this process. Please do not hesitate to contact us for any statement, comment, question or clarification.

Link to the publication: https://solwaygroup.com/2022/11/18/in-response-to-the-recent-statement-by-the-us-department-of-the-treasury/