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.
-
SIPP holders to get cash warnings and be offered default fundsNews Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
