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ENRC files Fresh Claim against Serious Fraud Office

Mining News - Published on Fri, 16 Aug 2019

Image Source: FT
Financial Times reported that Kazakh mining group ENRC, which fell out of the FTSE too six years ago following fraud and corruption claims, has mounted fresh legal action against the Serious Fraud Office after the agency halted an internal inquiry into its own conduct in June. ENRC’s claim is the latest salvo in its bitter clash with the UK’s anti-fraud agency, which has been investigating the company since 2013 but has yet to file criminal charges against it.

According to documents filed in the High Court this month, ENRC is seeking an order that would force the SFO to resurrect an independent inquiry into its handling of its case against the miner. It is also seeking a ruling that would protect it from criminal charges until the outcome of that review or the conclusion of a civil claim filed by ENRC. The independent review was crucial to establishing “the facts underpinning the serious concerns of SFO wrongdoing, in a manner which is properly independent and insulated from those under scrutiny” according to the company’s claim.

ENRC, which was founded by three Kazakh oligarchs, was listed on the London Stock Exchange until 2013 but taken private in the wake of allegations of fraud and graft surrounding its activities in Kazakhstan and acquisition of assets in Africa. ENRC denies all allegations against it.

The SFO said that “To allow the review to continue parallel to the civil proceedings would be an unwarranted use of public resources. The SFO does not accept ENRC’s position in its judicial review claim and our investigation into ENRC and others is ongoing.”

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Posted By : Sanju Moirangthem on Fri, 16 Aug 2019
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