Kazakhstan freezes KazakhGold's accounts.

By bne IntelliNews August 4, 2010
Kazakh financial police froze accounts of KazakhGold's main operating unit - Kazakhaltyn. According to Murat Zhumanbai, spokesman for the Agency for Fighting Corruption and Economic Crime, the action was part of criminal investigation against KazakhGold shareholders. The Kazakh authorities opened a fraud investigation against three members of KazakhGold's current Board of Directors: Evgeny Ivanov, German Pikhoya and Alexey Teksler, all shareholders of KazakhGold, on suspicion of a fraudulent acquisition of the stake. The decision will prevent the Kazakh unit from paying wages of more than 4,000 employees, according to KazakhGold. To remind you, Russian Polyus Gold and KazakhGold agreed on reverse takeover a few months ago. The transaction was approved by the Russian government but the recent decisions made by the Kazakh authorities blocked the deal. Kazakhstan annulled in July the sale of KazakhGold shares to Polyus and banned a supplementary share issue quoting ,,violations of the law on mineral resources during the purchase of the stake". KazakhGold is Kazakhstan's top gold producer.

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