FREEZING ORDER OVER KAZAKHALTYN'S BANK ACCOUNTS


 

TIDMKZG 
 
RNS Number : 6306Q 
KazakhGold Group Ltd 
05 August 2010 
 

+------------------------------+------------------------------+ 
| For immediate release        |                5 August 2010 | 
|                              |                              | 
+------------------------------+------------------------------+ 
 
Update on freezing order OVER kazakhALTYN's bank accounts 
 
Further 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. 
 
In 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. 
Commenting on these developments, Evgeny I. Ivanov, Chairman of the Board of 
KazakhGold, said: 
"We are pleased that the Kazakh authorities have partially rescinded the 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." 
 
A further announcement will be made as appropriate. 
Enquiries: 
+--------------------------------------+---------------------+ 
| KazakhGold                           | +44 (0) 20 8528     | 
| Alexey V. Chernushkin, Director,     | 1450                | 
| Capital Markets and IR               |                     | 
|                                      |                     | 
+--------------------------------------+---------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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