When Kazakhmys's chief Oleg Novachuk says that its stake in ENRC did not "create the opportunities that we had anticipated" he is underplaying the affair to the extreme.
ENRC raised £1.36bn when it floated in London at 540p a share in 2007. Now, after almost continual scandal regarding corruption allegations and shambolic corporate governance, its founders are buying it back at a time the shares are trading at just 225p. The delisting is almost certain to be agreed and completed by October.
ENRC may be exiting Britain's financial world, but with a Serious Fraud Office investigation under way into allegations of fraud, bribery and corruption in Kazakhstan and Africa, its presence could linger on in UK courts for years to come.Reuse content