Tag Archives: Kyrgyzstan

Kyrgyzstan expels Scottish worker after he insults horse-meat sausages

JAN. 5 2016, BISHKEK (The Conway Bulletin) — Kyrgyzstan deported a Scottish welder working at the country’s biggest gold mine after he jokingly described a horse-meat sausage delicacy as a horse’s penis, an incident that highlights Kyrgyz sensitivities over their national identity.

Michael Mcfeat wrote next to a photo on his Facebook account of workers lining up at a canteen at the Kumtor gold mine on New Year’s Eve: “The Kyrgyz people queuing out the door for there special delicacy the horses penis!!” (sic).

He was poking fun at the chu- chuk, a sausage made up of horse meat and fat which is boiled and served sliced up before festive meals. Local staff, though, at the gold mine, run by Toronto-listed Centerra Gold, were outraged and called a strike.

Mr Mcfeat, 39, tried to leave the country but was detained at Bishkek airport. Media suggested that he could have been prosecuted for racial hatred but instead he was deported for visa infringements.

Mr Mcfeat did not work directly for Centerra Gold but instead for a sub- contractor.

Still, it has aggravated relations between Centerra Gold and Kyrgyzstan. The two sides are locked in a dispute over ownership.

Adil Turdukulov, a Bishkek-based analyst, said relations between foreign and local staff at Kyrgyzstan’s various mining projects are strained over unequal pay and conditions.

“Tense relations between local and foreign employees of Kumtor have been growing, and this is just an effect,” he said.

Kyrgyzstan has been independent since 1991 and, like other Central Asian states, is sensitive about its identity.

And on the streets of Bishkek, most people thought that Mr Mcfeat had gotten off lightly.

Roza, 62, said that he should think before poking fun at Kyrgyzstan as some of Scotland’s own delicacies sounded foul.

“The Scots also eat sheep’s stomach stuffed with heart, oatmeal, guts and fat,” she said referring to haggis, a Scottish national dish.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 262, published on Jan. 8 2016)

 

Kyrgyzstan to construct pipeline to China

JAN. 12 2016 (The Conway Bulletin) – Kyrgyzstan will begin construction work on a new gas pipeline running to China in March, media reported quoting Deputy Economy Minister Aibek Kaliev. The pipeline, which will take several years to build, will complete a route running from gas fields in east Turkmenistan through Uzbekistan and Tajikistan and on to Kyrgyzstan and China.

ENDS

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(News report from Issue No. 263, published on Jan. 15 2016)

 

Kyrgyzstan woos Russians to Issyk Kul

DEC. 15 2015, BISHKEK (The Conway Bulletin) — Kyrgyzstan’s government wants Russian tourists now blocked from travelling to Turkey for a week or two in the sun to head to Lake Issyk-Kul instead.

Media quoted Mikhail Kim, deputy director of Kyrgyzstan tourism department, as saying that he expects an influx of Russians after Russia blocked tourists from travelling to Turkey in retaliation for a Turkish warplane shooting down a Russian warplane. He also said he had written to Russia’s tourism officials to encourage them to send people to Issyk-Kul and other Kyrgyz resorts.

“It is like in the USSR, when workers from all over the Soviet Union were coming to Kyrgyzstan for vacations,” he said.

Industry insiders, though, told the Bulletin that although there has been an increase in the number of Russians holidaying in Issyk-Kul to around 60,000 per year, they doubt there would be a deluge next summer.

The head of a local tour agency who preferred to remain anonymous told the Bulletin: “For the last 1-1⁄2 years, we have seen a gradual increase of Russian tourists coming to Kyrgyzstan, and we want to have more of them coming.”

During the Soviet Union, Issyk Kul used to be regarded as a top holidaying spots. It dropped back in popularity with the onset of cheap flights to Turkey and Europe, though.

Emil Umetaliev, head of the Kyrgyz Concept tour agency, said there would not be boost in tourism.

“We have high prices, bad service and long way from Russia,” he said told local media. Russia will prioritise their own resorts like Crimea, he added.

ENDS

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(News report from Issue No. 261, published on Dec. 20 2015)

 

Kyrgyz President visits Kuwait

DEC. 14 2015 (The Conway Bulletin) – Kyrgyz president Almazbek Atambayev flew to Kuwait to open Kyrgyzstan’s new embassy. Mr Atambayev wants to boost ties with the Gulf states. He clearly considers this important as, with budgets under pressure, he has prioritised extending Kyrgyzstan’s diplomatic reach over other issues.

ENDS

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(News report from Issue No. 261, published on Dec. 20 2015)

 

Kyrgyzstan reveals gold corruption

DEC. 11 2015 (The Conway Bulletin) – A court in Bishkek sentenced Dilger Zhaparov, head of the state-owned gold miner Kyrgyzaltyn, to three years in jail because of an unauthorised payment he made to Centerra Gold. Centerra Gold has denied any wrongdoing.

ENDS

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(News report from Issue No. 261, published on Dec. 20 2015)

 

Tengri drops Kyrgyz project

DEC. 16 2015 (The Conway Bulletin) — London-listed Tengri Resources said two mines it has been exploring in Kyrgyzstan “host large resources with significant upside exploration potential” but that it won’t exploit them because of low commodity prices. Tengri Resources’ shares fell 17.4% to 3p, a 9 month low, after the announcement. The company had been exploring the Taldybulak and the nearby Andash mines. Gold prices have fallen by 11% this year and copper prices by 25%.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 261, published on Dec. 20 2015)

Former head of Kyrgyzaltyn sent to jail for 3 years for corruption

DEC. 11 2015 (The Conway Bulletin) — A court in Kyrgyzstan sentenced Dilger Zhaparov, former head of state-owned gold miner Kyrgyzaltyn, to three years in prison for corruption, after he made an unauthorised payment to Toronto-listed Centerra Gold.

Zhaparov has been in jail since May 2014, when he was arrested.

According to the prosecution, in December 2013 Zhaparov illegally withdrew funds from Kumtor Gold Company (KGC), a holding company operating the Kumtor gold mine, to pay a $200m dividend to Centerra Gold. The court in Bishkek agreed and gave him the maximum three year jail sentence.

During the trial there was never any suggestion of wrongdoing by Centerra Gold and John Pearson, vice-president of Investors Relations at Centerra Gold, said he was disappointed by the jail sentence as he thought the transaction was legal.

“We are puzzled by the decision of the Kyrgyz authorities. The payment was perfectly legal as it was an inter- company dividend payment between KGC, which is a wholly owned subsidiary of Centerra, and Centerra itself,” Mr Pearson told The Bulletin.

Kyrgyzaltyn owns 32.7% of Centerra Gold. Centerra Gold, in turn, owns 100% of KGC.

When Zhaparov was arrested, the authorities said the payment needed government approval.

The Kyrgyz authorities have repeatedly rowed with Centerra over KGC’s ownership. The Kumtor gold mine is Kyrgyzstan’s most valuable asset, making up 10% of its GDP.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 261, published on Dec. 20 2015)

Currencies: Kazakhstan’s tenge, Kyrgyzstan’s som

DEC. 11 2015 (The Conway Bulletin) — The Kazakh tenge keeps hitting record lows against the US dollar, trading around the 310/$1 mark in the second half of this week, and there is little indication that it will reverse this trend. The Central Bank has said it wants to scrap its previous monetary policy and find new solutions. The message it sent was, in essence: “we will play it by ear.” So much for restoring confidence in its monetary policies.

The Kyrgyz som stopped its fall and found its equilibrium at 75.6/$1 this week, the first stable week in months.

All other currencies were steady this week.

Next week, the US Federal Reserve Bank will hold a policy meeting. Analysts are bracing for the first interest rate rise since 2009.

ENDS

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(News report from Issue No. 260, published on Dec. 11 2015)

 

Kyrgyzstan CBank changes rules

DEC. 9 2015 (The Conway Bulletin) – Kyrgyzstan’s Central Bank changed the reserve requirements for its commercial banks to reflect the less stable state of the Kyrgyz som. It reduced the proportion of minimum reserves held in som by 4.5% to 4% of a bank’s total reserves and also increased the requirement to keep 12.5% of the bank’s cash in foreign currency, up 2.5%.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 260, published on Dec. 11 2015)

 

Stock market: Tethys Petroleum, Nostrum Oil & Gas

DEC. 11 2015 (The Conway Bulletin) — Oil prices fell by almost 10% to under $40/barrel this week — its lowest price since 2009. This hit several of the region’s energy companies who were already dealing with a sharp slump in their share prices.

Tethys Petroleum closed at 4.38p on Thursday, down 2.7% in one week. Roxi Petroleum continued to decline, closing at 6.38p on Thursday, down 8.9% on the week. Nostrum Oil & Gas shares lost 3% to close at 369.5p.

Commodity companies were hit by the general downturn in the market and the news of giant miner Anglo American scaling down operations dramatically. Gold prices fell again by 2% this week, hitting $1,067/ounce.

This affected Kazakhstan-focused mining companies such as Central Asia Metals and KAZ Minerals, which lost 8.9% and 3.8% respectively this week. Kyrgyzstan-focused miner Centerra Gold surged 4%in the Toronto Stock Exchange to 7.94 Canadian dollars, against the trend of other companies, perhaps rallying on its positive results in the first three-quarters of the year.

ENDS

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(News report from Issue No. 260, published on Dec. 11 2015)