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President tells why Kyrgyzstan refused Centerra’s shares

President of Kyrgyzstan Sadyr Japarov, in an interview with Kabar agency, explained why Kyrgyzstan refused its shares in Centerra Gold Inc.

According to the head of state, there is no sense in shares that will not bring profit in the form of dividends.

«People are asking why we gave up our shares for 500-600 million. What’s the point of a stock that hasn’t brought 30 cents in dividends over 30 years? After we took Kumtor away, they depreciated. These shares have become just paper,» Sadyr Japarov said.

The head of state also commented on the abandonment of the fine imposed for damage to nature.

«You can be suing for 50 years with the words «we won’t refuse», you won’t get 50 tyiyns. Only the blind do not see this, but intelligent people see it. We ourselves are to blame for the fact that we approved the law, which continues to destroy our nature. It was a thousand percent more profitable to take Kumtor away than to continue litigating all life long. Previously, Kumtor brought Kyrgyzstan a profit of about 5 billion soms per year. Now, if we calculate, the net income will be 50 billion, including taxes, the Social Fund and other payments,» the president said.