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Administrative Fine of 327.9 billion Tenge Dismissed by Court

Source: www.gulfoilandgas.com 3/19/2014, Location: Asia

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JSC KazMunaiGas Exploration Production (“the Company”) is pleased to announce that the Specialized Administrative Court in Aktau of Mangistau region (“the Court”) has ruled that the Act on inspection results of the Department of Ecology of Mangistau Region (“Department of Ecology”) and the claim for environmental damage in the amount of 327.9 billion Tenge (US$ 1.8bn), which has been brought against JSC “Ozenmunaigas” (“OMG”) and referred to in the Company’s press release dated 27 February 2014 have been declared as illegitimate and have been dismissed.

There remains the possibility that the Court's ruling may be appealed by the parties and the prosecutor’s office. However, given the positive outcome of previous appeals, the Company believes that OMG will successfully appeal this claim in following court proceedings.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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