OREANDA-NEWS. Mr. Maxim Frolov has left the position of the Chairman of the Managing Board of MIRAX GROUP Corporation, which he has occupied since the summer of 2007. The parties came to a mutual decision to terminate their cooperation.

Mr. Sergey Polonskiy, Chairman of the Board of Directors of MIRAX GROUP, said that personnel changes are related to the Board of Directors’ decision that the company should not hold an IPO. The crisis in the international financial markets has forced the corporation to review its position on many issues, including the plans which were being implemented by Mr. Frolov. The company is grateful to Mr. Frolov for the work he has performed and hopes for cooperation with him in the future.