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

Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022
Britain’s ten most-hated shares – w/e 1 July
Stocks and shares

Britain’s ten most-hated shares – w/e 1 July

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
4 Jul 2022
Britain’s most-bought shares w/e 1 July
Stocks and shares

Britain’s most-bought shares w/e 1 July

A look at Britain’s most-bought shares in the week ending 1 July, providing an insight into how investors are thinking and where opportunities may lie…
4 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
The income investor’s dilemma
Income investing

The income investor’s dilemma

Pay attention to dividend growth as well as initial yield when picking income trusts, says Max King.
4 Jul 2022