UPDATE ON FREEZING ORDER


 

TIDMKZG 
 
RNS Number : 1110R 
KazakhGold Group Ltd 
16 August 2010 
 

+------------------------------+------------------------------+ 
| For immediate release        |               16 August 2010 | 
|                              |                              | 
+------------------------------+------------------------------+ 
 
Update on freezing order OVER kazakhALTYN's bank accounts 
 
Further to the announcements of 5 August 2010 and 9 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"), the 
appeal by Kazakhaltyn to lift the freezing order was refused at a court hearing 
in Kazakhstan, and, as a result, the freezing order remains in place. 
 
Kazakhaltyn has received express permission from the AECC to access funds in the 
frozen accounts in order to make wage payments to its employees and pay taxes 
and other payments to municipal authorities in order to avoid social tensions 
among the workforce.  In addition, the AECC has permitted the payment from the 
frozen accounts of certain other operating expenses that are necessary for the 
continuation of Kazahaltyn's operations and has indicated to Kazakhaltyn that it 
is willing to consider permitting further payments on a case by case basis in 
order to enable Kazakhaltyn's operations to continue.  Kazakhaltyn is 
cooperating with the AECC in order to seek to ensure that such payments can be 
made on a timely basis so as to minimise the impact on its operations.  While 
access to the funds in the frozen accounts continues to be subject to the sole 
discretion of the AECC, there remains the risk of unexpected disruption to 
Kazakhaltyn's operations. 
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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