Comments on tax audit of JSC Kazakhaltyn MMC


 

TIDMKZG 
 
RNS Number : 5255R 
KazakhGold Group Ltd 
24 August 2010 
 

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| For immediate release        |               24 August 2010 | 
|                              |                              | 
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An unscheduled tax audit of JSC Kazakhaltyn MMC for the periods 2009 and 2010 
was commenced on 23 August 2010.  KazakhGold wishes to assert that its 
subsidiaries are fulfilling their tax obligations in full in accordance with the 
laws of the Republic of Kazakhstan.  Moreover, the company is undertaking 
actions to remedy breaches of tax regulations it believes were committed by the 
previous management of KazakhGold.  In particular, JSC Kazakhaltyn MMC has 
returned VAT that was previously illegally refunded, when the company was 
managed by members of the Assaubayev family, from the treasury of the Republic 
of Kazakhstan on the basis of sham contracts. The total amount of refunded VAT 
constituted approximately US$ 32 million, including approximately US$ 25 million 
in tax and $7 million in fines.  The Board of KazakhGold notes that earlier tax 
years, when the company was managed by the members of the Assaubayev family, are 
not subject to the current tax audit by the tax authorities of the Republic of 
Kazakhstan. 
 
The company's management believes that the community surrounding JSC Kazakhaltyn 
MMC is being further destabilized by pressure being put on company employees. 
The general director of JSC Kazakhaltyn MMC, Alexey Teksler, stated: "We believe 
it is unacceptable to put unprecedented pressure to bear on those company 
employees who gave testimony at the legal proceedings in London. We noted that 
people who had nothing to do with the acquisition of KazakhGold have undergone 
debriefings lasting hours, and have had to endure threatening phone calls and 
demands to retract their testimony on violations of the law by the previous 
management of the company. We will be taking all necessary actions to protect 
the company and its employees from any unlawful encroachment," said Mr. Teksler. 
 
Enquiries: 
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| KazakhGold                           | +44 (0) 20 8528     | 
| Alexey V. Chernushkin, Director,     | 1450                | 
| Capital Markets and IR               |                     | 
|                                      |                     | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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