Polar Train LNG leadership exits after Novatek funding dispute

Nearly the entire management team of Polar Train LNG has left the company over allegations of undisclosed Russian financial control.

The dispute centers on whether Russia's Novatek secretly funded and directed the US$25 billion gas export project in northern Alaska.

Former chief executive Joel Riddle stated that Novatek was financing the venture and steering its strategic direction before US Treasury Department approvals were secured.

Riddle told the Financial Times he resigned in September because he was uncomfortable with Novatek's role.

"I resigned as chief executive of Polar LNG because I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company," Riddle said.

Chief financial officer Dan Chandra and other executives departed following Riddle's exit.

The project, launched in March, involves relocating a partially built Novatek terminal to Alaska.

Riddle initially believed funding came from Gentry Beach, an investor linked to Donald Trump's family, and Tech Wave, an Abu Dhabi-based company.

He later learned that Beach was not a shareholder or executive and had not invested in the project.

WhatsApp messages reviewed by the Financial Times showed Novatek board member Denis Solovyov discussing financing and pressing for faster fund transfers.

Polar LNG rejected the claims, stating that Riddle had been dismissed and described him as a "disgruntled employee."

The company insisted the project adheres to US law and that Novatek agreed to let Tech Wave use its technology under an April memorandum signed while Riddle was CEO.