Kyrgyzstan cancels USD 3.2 billion fine against Canadian company

RUSSIA / FSU POLITICS - In Brief 26 May 2022 by Alex Teddy
On May 24 a court made the ruling. Centerra Gold was the company that had been fined for breaking environmental law. The company ran Kumtor Gold Mine. The scale of the fine was staggering in a poor country of 5 million people. USD 3 billion would be a large chunk of the country's GDP. Kyrgyzstan is not known for its concern about the environment. The Kyrgyz Government confiscated the gold mine in 2021. It had been the focus of protests for years. The President came to office partly because he had been a protestor on this issue.Centerra made an out of court settlement with Kyrgyzstan. The amount of money paid has been disclosed. Kyrgyzstan has a 100% stake in the companies that are Centerra's Kyrgyz subsidiaries.

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