ENRC suspends manager, says FT

Diversified natural resources group Eurasian Natural Resources Corp ENRC has reportedly suspended one of its managers in Africa due to whistleblower allegations of impropriety, according to an article published in the Financial Times on Tuesday.

Diversified natural resources group Eurasian Natural Resources Corp ENRC has reportedly suspended one of its managers in Africa due to whistleblower allegations of impropriety, according to an article published in the Financial Times on Tuesday.

The newspaper claimed that the manager was located in Mozambique, where ENRC has coal assets, and said that the suspension was pending the outcome of an internal investigation.

The FT quoted a statement that ENRC had issued, stating: "ENRC takes all whistleblowing allegations seriously and it is of paramount importance that they are thoroughly investigated. ENRC remains committed to a full and transparent investigation of its procedures and conduct."

Just last week, Alex Gaft, an ENRC corporate investigator, had left the company and last week Jim Cochrane, Chief Commercial Officer, suddenly departed.

ENRC operates in multiple locations, including Kazakhstan, China, Russia, Brazil, the Democratic Republic of Congo, Zambia, Mozambique and South Africa.

The group's strategy aims to bridge its current position as a diversified natural resources group largely based in Kazakhstan to its future opportunities as a more broadly based international mining group. Some 65,000 of its 70,000-strong staff base are located in Kazakhstan.

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022