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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
