Russian boss at Scottish insulation firm Superglass quits

Mr Goryachev became a director of Superglass in 2017

A top Russian executive at Scottish glass wool insulation maker Superglass has resigned from his post, following the invasion of Ukraine.

The Stirling-based company said the departure of Maxim Goryachev was "deemed appropriate in the current circumstances".

Mr Goryachev was on the board of Superglass and remains chief executive of parent company TN International.

He is the latest Russian national to leave a top post at a Scottish company.

Earlier this month, two Russians who were majority shareholders of Lindores Abbey Distillery stood down as directors.

• Stirling firm Superglass attracts £37m Russian investment

• Scottish firms are still operating in Russia

• Scottish firms urged to end all links with Russia

Companies House records show that Mr Goryachev resigned as a director of Superglass Holdings on 18 March, having been appointed in April 2017. Russia invaded Ukraine on 24 February.

In an apparent reference to events in Ukraine, Superglass said on Friday: "While Superglass was not obliged to do so - to be clear no people nor products are subject to sanctions of any kind - it was deemed appropriate in the current circumstances to return to having an entirely UK-based board of directors."

TN International is owned by Cyprus-based investment firm Inflection Management Corporation, which is under the control of Russian national Sergey Kolesnikov.

Superglass says it does not export its materials to Russia

Under his watch, Superglass completed a £37m upgrade of its Stirling manufacturing plant in 2019, supported with a Scottish Enterprise grant of £477,000.

Superglass sells its materials in the UK and Europe. Russia is not one of its export markets, the company added.

On 8 March, the founders of Lindores Abbey Distillery in Fife announced that directors Anton Buslov and Sergei Fokin were resigning as directors.

The two Russian directors of Lindores Distillery resigned earlier this month

In a social media post, Helen and Andrew McKenzie Smith said: "We have never hidden the fact that we have Russian investors and indeed these investors were introduced to us by Business Gateway, a Scottish government agency.

"They are certainly not oligarchs and certainly not on any sanctions list. They are first and foremost whisky lovers."

They added: "We at Lindores, however, utterly deplore and condemn the current situation in Ukraine.

"We have been in frequent discussions with our Russian shareholders and today they are resigning as non-executive directors of the company."

The couple are currently in negotiations with Mr Buslov and Mr Fokin, with a view to acquiring their majority shareholding.

'Positive response'

Meanwhile, the Scottish government said there had been a positive response to its call at the beginning of March for Scottish firms to halt all trading with Russia.

A spokesman said: "The Scottish business community has been asked to stop trading with Russia where it is safe to do so.

"The Scottish government and its economic agencies will use all available powers to avoid supporting trade and investment activity with Russia.

"Support and advice will be offered to businesses as they adapt to removing links with Russia.

"We have been clear that severing links with Russia is a voluntary action in addition to the legal sanctions regime, which has been expending over time, that all firms have to abide.

"It can be more complicated for certain companies to sever links, which can determine the speed of cutting ties."

Russian ties severed

A number of Scottish food and drink manufacturers have already announced that they have either paused or permanently halted sales to Russia.

Whisky makers such as Edrington, Diageo and Chivas Brothers have suspended Russian sales, while others that have severed ties include Walker's Shortbread, Caramel Log maker Tunnock's and Irn-Bru producer AG Barr.

Two Aberdeen-based oil and gas services firm confirmed this week they were still operating in Russia, but were reviewing their positions.

Meanwhile, a deal to export 2,000 tonnes of Scottish seed potatoes to Russia has been scrapped by PepsiCo, according to media reports.

Farmers Weekly reported that the decision had been made to stop future shipments from Aberdeenshire-based supplier Saltire Seed, following discussion with growers.