“The announcement of the fine has already led to the decline of shares of Centerra Gold Inc. on the stock exchanges of Toronto and New York, which allows Kyrgyzstan to buy these shares and increase the controlling stake, strengthening control, and then enable the company to appeal the fine and not interfere with it too much, "Sagyndykov commented on the situation.
According to him, "Kumtor" brings up to 10% of the GDP of Kyrgyzstan being one of the largest enterprises, while fine of more than $ 3 billion may be overwhelming for the enterprise.
“This figure corresponds to the total assets of the owner - Centerra Gold Inc. At the same time, the largest shareholder of Centerra Gold Inc. is Kyrgyzstan. At the moment, Kyrgyzstan, through the fully state-owned Kyrgyzaltyn OJSC, owns 32.96% of Centerra Gold Inc shares, according to the information on the Kyrgyzaltyn website”, Sagyndykov said.
Photo source: picture from an open source