External management at Kumtor will be in effect until all detected violations are eliminated or the right to use subsoil is suspended. Deputy Chairman of the State Property Management Fund of Kyrgyzstan Meder Mashiev told 24.kg news agency.
According to him, the deputies of the Parliament adopted amendments to the law on joint stock companies in May. They not only introduce the possibility of an external management procedure, but also prescribe the norms according to which it is in force.
«Yes, there is no clause on timing in the decree of the Cabinet of Ministers on the introduction of external management. Article 65-1 of the law on joint stock companies says that the temporary external manager is obliged to ensure maintenance in proper condition. He is appointed when industrial societies violate environmental and other norms. It works until the violations are eliminated or the right to use the subsoil is suspended,» Meder Mashiev told.
«The external manager is obliged to report monthly. The external manager of Kumtor Tengiz Bolturuk submits reports. The Cabinet, represented by the State Property Management Fund, reads them,» he concluded.
External management was introduced at Kumtor on May 17, 2021.
