Tag Archives: Kyrgyzstan

Stock market: Centerra gold

MAY 6 2016 (The Conway Bulletin) – Centerra Gold shares rebounded 5% to 6.93 Canadian dollars last Friday after the regulator of the Toronto Stock Exchange briefly halted trading the day before, when news came through of a police raid at the office of a Centerra- owned company in Kyrgyzstan.

The stock continued to float around 7 Canadian dollars, settling on 7.18 yesterday, despite what could be regarded as poor quarterly results.

Centerra, though, still handed out its quarterly dividend of 0.04 Canadian dollars, in line with previous payments, which is something that other companies in the region have been dodging over the past few months if results have been lower-then-expected.

Low gold prices and slower-than-expected gold production have hit the company’s performance.

ENDS

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(News report from Issue No. 279, published on  May 6 2016)

 

Kyrgyz police raids Centerra

APRIL 28 2016 (The Conway Bulletin) – Toronto-listed miner Centerra Gold said that Kyrgyz police have raided the Bishkek offices of its wholly owned Kumtor Gold Company, reigniting a vicious row that has involved the miner and the government. For years, Centerra and the government have rowed about ownership of the Kumtor gold mine. Kumtor accounts for around 7% of Kyrgyzstan’s GDP and is the country’s largest industrial asset.

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(News report from Issue No. 278, published on April 29 2016)

 

Kyrgyzstan says to reconsider Askarov verdict

APRIL 25 2016, BISHKEK  (The Conway Bulletin) — Kyrgyzstan’s Supreme Court said it would consider revising a life sentence levied against Azimzhan Askarov, a civil activist, for inciting ethnic hatred, less than a week after the US had highlighted his case in its annual report on human rights around the world.

Last week, also, the UN’s Human Rights Committee called on Kyrgyzstan to release Askarov. The UN expert committee said Askarov “had been arbitrarily detained, held in inhumane conditions, tortured and mistreated, and prevented from adequately preparing his trial defence.”

Police arrested Mr Askarov in the aftermath of clashes in 2010 that toppled President Kurmanbek Bakiyev’s government. He was then cited as one of the organisers of the clashes.

The Supreme Court’s chair- woman, Ainash Tokbayeva, said the UN’s statement was enough to consider a revision of the ruling.

“Our Constitution obliges us to take measures to protect the rights and freedoms of Azimzhan Askarov in connection with the UN Committee on Human Rights’s findings,” media quoted her as saying.

“The Committee’s decision is the basis for the Supreme Court’s reconsideration of the criminal case.”

The UN criticism came just days after the US published a human rights report that slammed Kyrgyzstan as a country where police brutality and minority harassment were commonplace.

This triggered a sharp response from the Kyrgyz ministry of foreign affairs which called the US report hypocritical and politically motivated.

The row has damaged Kyrgyzstan-US relations. Any move to reduce or relax Askarov’s prison sentence would be viewed as an olive branch of sorts.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 278, published on April 29 2016)

 

Editorial: Kumtor and Kyrgyzstan

APRIL 29 2016 (The Conway Bulletin) – The Kyrgyz government and Centerra Gold appear hell-bent on another major row over ownership of the Kumtor gold mine.

Last year, Djoomart Otorbayev resigned as PM after barely a year in office having failed to reach an agreement with Centerra on swapping Kyrgyzstan’s share in the Canadian company for a 50% share in Kumtor.

In December, the authorities sentenced Dilger Zhaparov, former head of state-owned gold miner Kyrgyzaltyn, to three years in prison for authorising an allegedly illegal dividend payment to Centerra.

Now, the Kyrgyz authorities have stormed the offices of Centerra-owned Kumtor Gold Company, in what could be the beginning of a legal dispute.

Centerra replied with a detailed letter, written in unusual legalese lingo. The company argues that the dividend payment was legitimate.

Kumtor is vital for Kyrgyzstan. It is its largest industrial asset and seizing ownership would boost government revenues. All this, though, at the expense of its once-welcoming-now-worsening business environment.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(Editorial from Issue No. 278, published on April 29 2016)

Kyrgyz police raid Kumtor’s Bishkek office

BISHKEK, APRIL 28 2016, (The Conway Bulletin) — Toronto-listed miner Centerra Gold said that police in Bishkek have raided the offices of its wholly-owned Kumtor Gold Company, reigniting a vicious row between the Canadian company and the Kyrgyz government.

According to Kyrgyz officials, police were looking to collect documents related to allegations of financial misconduct by Kumtor.

Centerra said that the government had previously complained about a financial transaction it carried out in 2013. It once again refuted any allegations of criminal activities.

“The company reiterates that such inter-corporate dividend complied with the 2009 agreements governing the Kumtor Project and all applicable Kyrgyz Republic laws. Any claims to the contrary are without merit,” Centerra said in a statement.

On news of the raid, the Toronto stock market briefly suspended Centerra Gold’s shares.

Centerra said mine operations at Kumtor, which is located in the mountainous east of the country, were unaffected.

The Kyrgyz government owns a 32.7% stake in Centerra.

It has been trying to turn this stake in Centerra into a direct stake in Kumtor, the country’s single biggest asset, triggering a major row.

Kumtor represents around 7% of Kyrgyzstan’s GDP and is the country’s most valuable asset.

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(News report from Issue No. 278, published on  April 29 2016)

 

Kyrgyz Parliament elects speaker

APRIL 27 2016 (The Conway Bulletin) – Kyrgyzstan’s parliament elected Chynybai Tursunbekov from President Almazbek Atambayev’s Social Democrat party as their new Speaker, ending a week-long deadlock. Mr Tursunbekov received 88 of 120 votes. A previous vote, a week earlier, had failed to elect a Speaker.

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(News report from Issue No. 278, published on April 29 2016)

 

Kyrgyzstan warns Gazprom

APRIL 15 2016 (The Conway Bulletin) – Kyrgyzstan’s anti-monopoly agency said it will monitor possible unjustified price increases by Gazprom Neft Asia for its petrol. The subsidiary of Russian energy giant Gazprom owns and operates filling stations throughout the country. Reports had shown possible price increases of 7-10% for Gazprom’s petrol from April 1.

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(News report from Issue No. 277, published on April 22 2016)

 

United States and Kyrgyzstan argue over rights

APRIL 22 2016, BISHKEK (The Conway Bulletin) – Kyrgyzstan accused the United States of hypocrisy after the State Department said in a global human rights report that police brutality was commonplace and that the country’s minorities — ethnic, sexual and religious — were often harassed (April 21).

The US’ annual reports stirs indignation from countries who consider Washington’s criticism to be unjustified grand-standing but Kyrgyzstan’s reaction was especially sharp.

The Kyrgyz ministry of foreign affairs called the report politically motivated, unjustified and a form of geopolitical blackmail.

“The United States of America was pretty comfortable with previous authorities, who used to chase and burn the opposition, killed journalists and robbed the country,” it said in a statement on its website in a reference to the ousted regime of Kurmanbek Bakiyev. He was overthrown in a violent revolution in 2010.

It then pointed out the US’ human rights failings, including racial discrimination, police abuse and torture at the now closed Guantanamo detention centre.

The row between Kyrgyzstan and the US over human rights is rooted in the US’ recognition of Azimzhan Askarov, an ethnic Uzbek arrested and imprisoned in 2010 while he was investigating alleged police brutality, as a political prisoner.

The US has awarded him a human rights prize and called for his release.

In Bishkek, opinion was divided over the US’ criticism.

Some, like Shamima, a 23-year-old student, said Kyrgyzstan had swung towards Russia over human rights. She said that women’s rights were also weak in Kyrgyzstan.

“Official statistics says that up to 30 young women are being stolen every day through bride kidnapping, and the state does little to protect social minorities, such as sexual and other minorities,” she said.

But others defended the Kyrgyz government.

“Americans should not intervene into affairs of other countries. Whenever Russia does it, everybody points at it. But why then does the US keep intervening?” said 53-year-old Yuri.

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(News report from Issue No. 277, published on April 22 2016)

Industrial production falls in Kyrgyzstan

APRIL 15 2016 (The Conway Bulletin) – Kyrgyzstan’s industrial production fell by 25.7% to 39.5b som, mainly due to a slump in the mining sector, the Statistics Committee said in a report. The figures reflect the 4.9% GDP decline the Committee posted last week. Without accounting for Kumtor, Kyrgyzstan’s largest gold project, industrial output would have declined by 1%.

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(News report from Issue No. 277, published on April 22 2016)

UN urges Kyrgyzstan to release activist

APRIL 21 2016 (The Conway Bulletin) – The UN Human Rights Council urged Kyrgyzstan authorities to release Azimzhan Askarov, a political activist arrested in 2010. In July 2015, the US government described Mr Askarov as a political prisoner and awarded him a special human rights award. This sparked an angry reaction from the Kyrgyz government and damaged Kyrgyzstan-US relations.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 277, published on April 22 2016)