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Ontario Superior Court finds Kyrgyz Republic abused joint stock company to seize Kumtor Gold Mine

Photo by Alexander Popovkin / Unsplash

On 18 July 2022, the Ontario Superior Court of Justice found that the Kyrgyz Republic used public joint stock company Kyrgyzaltyn, wholly owned by the Kyrgyz Republic, as ‘a mere facade’ to effectively seize control of the Kumtor Gold Mine and defraud it by attempting to divert US $26 million in gold sale proceeds without authorization.

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