A labyrinthine dispute over a company with vast gold-mining assets in Kazakhstan, which had tarnished the country's investment image and pitted a couple of powerful Russian oligarchs against a rich and influential Kazakh family, has finally been settled. The Kazakh family has outshone Russia’s big businessmen, taking back a company it sold to them before having second thoughts.
According to a statement by Russia's Polyus Gold, the Asaubayev family is retaking control of KazakhAltyn, the main operating subsidiary of the KazakhGold firm once owned by the family but snapped up by the Russian gold giant in 2009. Russian oligarchs Mikhail Prokhorov and Suleyman Kerimov took over KazakhGold through Polyus Gold’s acquisition of a 50.1 percent controlling stake in KazakhAltyn. They later increased their share to 65 percent, while the Asaubayevs retained an 8.8 percent interest.
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