KZG Kazera Global Plc

 

TIDMKZG 
 
RNS Number : 8156P 
KazakhGold Group Ltd 
23 July 2010 
 

FOR IMMEDIATE RELEASE 
 
23 July 2010 
 
KazakhGold Group Limited 
 
 
KazakhGold Refunds $32 million VAT to the Republic of Kazakhstan Budget 
 
KazakhGold Group Limited is pleased to announce that its subsidiary  AO "GMK 
"Kazakhaltyn" has today  voluntarily refunded VAT worth 4.667.039.475 tenge 
(around $32 mln) to the Republic of Kazakhstan budget. The  funds were provided 
by the controlling shareholder of KazakhGold Group Limited - Russia's largest 
gold producer "Polyus Gold". 
 
The VAT was previously illegally refunded out of the state budget by the former 
management of the enterprise during 2007-2009 based on fictitious contracts. 
These contracts served as the basis for illegal payments  out of the Company and 
the Kazakhstan economy. 
 
At present, the illegal actions of the former management of KazakhGold are 
subject to legal proceedings at the High Court in London. 
 
The management of KazakhGold Group Limited previously stated their willingness 
to return these illegally obtained funds to the Kazakhstan budget and to invest 
in the Republic of Kazakhstan economy. 
 
Enquiries: 
 
Alexey V. Chernushkin, Director, CM and IR 
Evguenia V.Buydina, IR manager 
+44 (0) 208 528 1450 
+44 (0) 208 528 1020 
 ir@kazakhgold.com 
 
Anton A. Arens, PR Director 
+44 (0) 208 528 1450 
+44 (0) 208 528 1020 
 anton.arens@kazakhgold.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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