ENRC may be recommended to change the board of directors before listing on LSE - The Financial Times

/INTERFAX-AFI, London, May 2, 07/ - Three private shareholders of Eurasian Natural Resource Corporation (ENRC), preparing to listing in London may be recommended to leave the board of directors due to non-finished investigation in relation of them in Belgium, The Financial Times informs. In the project of document, prepared for Kazakhstan company PwC, the auditor is analyzing the different tasks, which ENRC needs to solve until conduction of listing on London stock exchange. One of recommendations of PwC is: "considering the presences of not proved accusations in cleaning of money in relation of present principals, they may be won't be able to stay in the board of directors of the public company". According to data of the news-paper the investigation in relation of Patokh Shodiyev, Alidzhan Ibragimov and Alexander Mashkevich had started in year 1996, and in July 2001 their accounts in the bank on Jersey were freeze. The Belgium court will consider the question about relevancy of investigation' continue on June 21. Shareholders themselves, to which according to data of FT, belong 56.4% shares of ENRC, are refusing all accusations. "there were no violations, any suppositions about it are unfounded", - told their representative. By the data of source of FT, IPO of the company may be postponed for the second half-year, though it is not connected with investigation. Shareholders of ENRC did not decide yet, whether they will listen to the recommendations of PwC in relation of membership in the board of directors, writes the British newspaper. ENRC had consolidated the assets of companies Kazchrome, Aluminum of Kazakhstan, Kazakhstan electrolysis plant, Zhayremskiy ore mining and processing combine, Sokolovsko-Sarbayskoye ore mining production union, Euroasian energy corporation, and also ENRC Logistics and ENRC Marketing & Sales. Kazakhstan powers announced that they intend to sell part of shares of the company to population. [2007-05-02]