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Kyrgyzstan received no proper profit from Centerra, Akylbek Japarov believes

Kyrgyzstan did not receive the expected gain on shares in Centerra Gold due to the company’s dividend policy. Deputy Akylbek Japarov announced at a meeting of the state commission for checking Kumtor.

According to him, the company’s Board of Directors spent the dividends of Kyrgyzstan at its own discretion.

«Centerra Gold’s annual expenses for senior management payments were $ 8.3 million. The company spends $ 30-32 million a year on maintaining its Toronto office. They have not built a single office in Bishkek,» the deputy said.

He noted that due to the purchase of Thompson Creek, Kyrgyzstan lost 6 percent of the shares. «For 2019-2021, shares of Kyrgyzstan in the company decreased from 33.3 to 26.1 percent. The loss of the stake reached 7.2 percent. The number of shares of Kyrgyzstan has been decreasing constantly since 2016,» Akylbek Japarov believes.