/IRBIS, August 6, 2010/ - Management of OJSC Polyus Gold hopes to independently resolve the situation around the asset purchase of Kazakhstan - KazakhGold, and does not intend to seek the help of the Russian leadership, told to reporters Mr. Yevgeny Ivanov general director of Polyus, announced on Aug. 5 RIA Novosti .

"We have informed the Government of Russia and the presidential administration, but we hope to resolve this issue themselves. While the view that government assistance was not needed" - he said. As stated in the company, by his words, absolutely would not want to see this conflict came to the State level.

In early July of this year KazakhGold start the reverse takeover with the owner of a controlling stake of its shares - the company "Polyus Gold", which is part of the deal, was valued at 9.4 billion dollars.

Later, the Agency of the Republic of Kazakhstan on Protection of Competition, reported the suspension of the order to permit the company Jenington International Inc. ("Daughter" Polyus Gold ") to acquire 50.1% stake in KazakhGold Group Limited. The permit was revoked in connection with applications received shareholder KazakhGold, as well as the decree of Kazakhstan's Agency for Combating Economic Crimes and Corruption of the criminal case.

Also, Kazakhstan's financial police instituted criminal proceedings against the shareholders of KazakhGold, members of the Board of Directors of Polyus Gold Mr. Evgueni Ivanov, Mr. Herman Pikhoya and Mr. Alexei Tekslera on the fact of appropriation of a controlling stake of the company by fraud. Later, also blocked the main operating bank accounts "daughters" KazakhGold - Company Kazakhaltyn. At the same time attending the proceedings in the High Court in London, launched by the Russian side, against the former owners KazakhGold - Family Asaubaevyh accused of embezzlement and concealment of the true information about the asset.

According to Ivanov, "Pole" appealed the Kazakh authorities by sending a letter to the Prime Minister of Kazakhstan. "Our message to the Prime Minister of Kazakhstan - a higher authority with respect to the interdepartmental commission - formal appeals of the interdepartmental commission," - Mr. Ivanov said. "London Court understands the matter in great detail. The practice shows that such cases are dealt with from one to two years" - he said.

The "Pole" expects that the Kazakhstan government will understand the situation, and the company will continue implementing its strategy announced in March 2010, with an investment of 500 to 700 million dollars and increase production to 25 tons of gold.

"There is a situation in which the Kazakh authorities are taking the opposite position and say like" Polyus Gold ", we do not need - then can be any hand. Then we lose 3% of our production (today Kazakhaltyn represents 3% of our total production). Will receive compensation in London in a case that goes. Accordingly, and as a holding company KazakhGold honestly remains under our control and we have every opportunity to complete everything we had planned to do "- suggested general director of Polyus.

"But it would be absolutely critical scenario, and we believe in Kazakhstan", - he said.

According to Mr. Ivanov, it is not called to testify in Kazakhstan. He noted that the cause of mid-level managers, who testified in court in London.

According to him, because of the arrest of the accounts of the subsidiary to its employees on Aug. 10 will not be paid salary, and "people are planning to take to the streets."If the account will not be released, we do not pay salaries, will not be paid electricity, respectively, and will stop factories, mines and so on. The risk is stopping factory, we hope that this situation will be resolved, count on the wisdom," - said the general director of Polyus.

[2010-08-06]