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SECTION NEWS
06/04/16 12:07  MPs adopt Budget Code

Omurbek Babanov: Nationalization of Kumtor - extreme measure, which we still should not go to

05/02/16 12:03, Bishkek – 24.kg news agency, by Nargiza OSMONOVA

"Nationalization of Kumtor is an extreme measure, which we still should not go to," leader of Respublika-Ata Jurt faction Omurbek Babanov said today at a meeting of the faction.

Commenting on the decision of Centerra Gold management on the additional issue of 4.6 million shares, the MP noted that this is done in order to reduce the share of the Kyrgyz Republic in the company. On this occasion, the head of Kyrgyzaltyn Board Almaz Alimbekov said that Centerra Gold explained the issue by the need to pay off the internal debt of the company. "But why did they decide to issue shares for $ 25 million having $ 535 million on the accounts?" Omurbek Babanov asked. The head of JSC said in response that the decision is caused by the current global gold trend, when the company decided not to take credit and spend its assets.

 "There are all grounds to say that the government does nothing in relation to the company, which forms more than 8 percent of our budget. It is about 67 percent, which Centerra Gold lacks, because holding of 67 percent- the consolidated number of votes- they may take any decision without asking us," Omurbek Babanov said.

The leader of Respublika- Ata Jurt said that Kyrgyzaltyn has to change its position, "otherwise there will be no progress." "There is no more important subject for you now than Kumtor. If these were your assets, you would have worked day and night, but you even do not know the price of electricity they buy, what is the environmental component, so managers of Centerra Gold do not talk to you as an equal," Omurbek Babanov said.

In conclusion, he recommended the members of Kyrgyzaltyn Board to be guided by certain principles in the selection of new representatives of the Kyrgyz Republic in the Board of Directors of Centerra Gold. "This man must be highly proficient in English, have working experience at international law firms in the field of international finance. MPs propose to pay attention to his reputation, that is to say that it was positive, he should be acting specialist, not the one who is looking for work. You can hire everybody for $ 20,000 per month, announce a tender," Omurbek Babanov said.

 The decision of the government to replace three representatives of Kyrgyzstan in the Board of Directors of Centerra Gold was previously announced by Temir Sariev at a meeting of the coalition of the parliamentary majority in the Parliament.


URL: http://eng.24.kg/parliament/179177-news24.html
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Exchange rate from 4 February
National Bank of Kyrgyz Republic
USD 69.4463
EUR 74.6131
RUB 1.1708
KZT 0.2156
UZS 0.0212
Weighted average exchange rate of som on February 3
USD 69.4300


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05.02.2017
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QUOTES

«When we ran in the elections, we said that would even get the moon and the sun from the sky ».
MP Kamchybek Joldoshbayev at a meeting of Parliament, February 2, 2017.

«What have you done besides sale of donkeys to China?».
Deputy Ryskeldi Mombekov to the head of State Inspectorate for Veterinary and Phytosanitary Safety Kalysbek Zhumakanov at a meeting of Parliament, February 1, 2017.
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