Publication Navigation

Site Navigation

Assaubayev family instigates Kazakhgold investigation

Publishing Date
03 Aug 2010 12:59pm GMT
Author
Mining Journal

Kazakhstan’s Agency of Economic and Corruption Crimes (AECC) has placed a freezing order on bank accounts held by Kazakhgold Group Ltd subsidiary, JSC Kazakhaltyn, in relation to allegations of fraud by three of its board members.

Kazakhgold said it understood the AECC investigation was instigated by members of the Assaubayev family, who the company commenced legal proceedings against in London last month over their actions as directors of the company.

“The allegations relate to the partial offer for a controlling stake in Kazakhgold by Jennington International Inc, a wholly-owned subsidiary of OJSC Polyus Gold, which completed in August 2009,” Kazakhgold said.

“Following the completion of the partial offer, after unanimous approval from the then board members of Kazakhgold and the approval of an overwhelming majority of shareholders, the Assaubayev family now claims that they have been fraudulently deprived of US$187 million.”

Kazakhgold said it “strongly refutes” the allegations against the directors, which are “without factual or legal basis”. Kazakhaltyn has instructed its legal advisers in Kazakhstan to take urgent steps to have the freezing order revoked to minimise disruption to its operations.

Companies in this article

Visit the links below to read profiles, see stock information and read all news on companies mentioned in this article.

More News By Subject

Site Search

Read articles from the latest Print Edition - MJ 17/10/14
MJ141017scr-2.jpg
 
PROFESSIONAL PLACEMENTS

Professional PlacementsProfessional Placements: Executive Director - PDAC

The Prospectors & Developers Association of Canada (PDAC) is seeking an Executive Director (ED) to oversee its operations from its headquarters in Toronto, Ontario

COMPANY PROFILES
Russian precious metals company Polymetal International plc’s commitment to establishing an extensive pipeline of growth projects has continued with the acquisition of the Kyzyl gold project.
Russian precious-metals company Polymetal International plc has made significant progress at the Semcha platinum-group metals (PGM) property in the past year as it moves the project towards a preliminary economic assessment
The Republic of Guinea intends to launch, pursuant to the mining Code, a competitive and transparent invitation to tender for three bauxite mining blocks located in the prefectures of Boffa, Boké and Télimélé.
Indochine Mining Limited is developing a high-grade gold project at Mt Kare in PNG by rapidly developing wide, high-grade gold zones
Sarama Resources is a West Africa-focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
RECENT IN-DEPTH FEATURES

Recently published Reports:

No results were found