Business
FREEZING ORDER OVER KAZAKHALT
FREEZING ORDER OVER KAZAKHALT.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 6306Q KazakhGold Group Ltd 05 August 2010 \n \n\n\n\n\n\nFor immediate release\n \n\n\n5 August 2010\n\n\n\n\n \nUpdate on freezing order OVER kazakhALTYN's bank accounts\n \nFurther to the announcement of 3 August 2010 by KazakhGold Group Limited (\"KazakhGold\" or \"the Company\") in relation to a freezing order that had been placed by the Agency on Economic and Corruption-Related Crimes (\"AECC\") in Kazakhstan over certain bank accounts held in Kazakhstan by the Company's main operating subsidiary, JSC Kazakhaltyn MMC (\"Kazakhaltyn\"), Kazakhaltyn has today received permission from [the AECC] to access funds in those accounts in order to make wage payments to its employees. As a result of the freezing order, Kazakhaltyn remains unable to use the funds in the frozen accounts for any other purpose, including for payment of its suppliers and other operating expenses, which may lead to further disruption to its operations. \n \nIn addition, Kazakhaltyn has lodged appeals against the freezing order in the Kazakh courts and through the state prosecutor's office, and has been advised that it may expect a decision on the appeal from the court in approximately 10 days.\nCommenting on these developments, Evgeny I. Ivanov, Chairman of the Board of KazakhGold, said: \n\"We are pleased that the Kazakh authorities have partially rescinded the freezing order. We remain in dialogue and are hopeful that these restrictions are lifted at the earliest opportunity.\"\n \nA further announcement will be made as appropriate.\nEnquiries:\n\n\n\n\nKazakhGold\nAlexey V. Chernushkin, Director, Capital Markets and IR\n \n\n\n+44 (0) 20 8528 1450\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBUGDIDDGBGGU \n ","length":3585,"tagName":"div"}]