Strike board shake-up

ONE of Russia's richest men has flexed his considerable muscle at Western Australian-based Strike Resources, resulting in a shake-up of the board.

An associate of billionaire Alisher Usmanov has been appointed to the board of Strike, which counts a Peruvian iron ore tenement as its flagship project.

Mr Usmanov has an estimated fortune of $US1.6 billion ($A1.8 billion), according to Forbes magazine, generated from a wide range of interests that includes media assets, precious metals and a significant stake in UK football club Arsenal.

He has a 20 per cent interest in Strike, held through Cyprus-registered Gallagher Holdings.

Local corporate raider Farooq Khan has moved from an executive to a non-executive role as part of the shuffle, while his close associate Victor Ho has resigned from his executive position, but stays on as company secretary.

A source close to proceedings told WA Business News the changes were made to bring about greater transparency and independence onto the board in a bid to attract significant financing.

Disputes between stakeholders of the Apurimac Iron Ore Project in Peru had held up development.

Strike said the recent settlement of the dispute meant plans to resume exploration and development were now being prepared.

Matthew Hammond, of Mr Usmanov-controlled Russian metallurgy company Metalloinvest, has been appointed to the board.

Mr Usmanov's Gallagher subscribed to a $50 million share placement issued by Strike last year to help the company finance the Peruvian iron ore project. Gallagher then pulled out of the proposed second tranche.

Strike was formerly known as Fast Scout, a one-time technology stock that got into uranium exploring, before spinning-off its uranium assets into what is now known as Alara Resources.

The companies are part of Mr Khan's network of influence, where he effectively holds board positions through an investment in a failed dot.com turned holding company, Queste Communications.

Many of the companies invest in each other.