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Assaubayev family instigates Kazakhgold investigation

Publishing Date
03 Aug 2010 12:59pm GMT
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.

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