Kazakhstan has no intention of seizing assets from ArcelorMittal Temirtau - minister
ASTANA. Sept 19 (Interfax) - Kazakhstan fully respects the rights of investors and has no intention of seizing assets from ArcelorMittal Temirtau, Industry and Construction Minister Kanat Sharlapayev said.
"We insist that investors comply with Kazakhstan's regulations. Asset seizure is not and will not be considered. Kazakhstan respects investor rights and has no plans to confiscate assets," Sharlapayev told reports.
He said investors must comply with mandatory industrial safety, employee safety, and workplace safety requirements in Kazakhstan.
"According to our laws, if a foreign investor company chooses to leave the Kazakh market, an asset purchase and sale agreement will be signed either with another investor or with Kazakhstan. However, I want to emphasize that we do not anticipate any asset confiscation in Kazakhstan. Any changes in ownership will be carried out in accordance with our civil code and contractual legal rights," Sharlapayev said.
On the morning of August 17, a conveyor belt caught fire in the workings of coal slope D6 (horizon at 170 meters) in the Kazakhstanskaya Mine of the ArcelorMittal Temirtau Coal Department. There were 227 people in the mine who were brought to the surface through the flank shaft; 222 miners were evacuated 13 of them sustained injuries, and five miners were found dead.
Following the accident, President Kassym-Jomart Tokayev of Kazakhstan said that the recurring accidents at enterprises owned by a foreign company underscore a profound breach of their investment and other commitments. This breach will inevitably lead to consequential actions affecting their ongoing presence in the Kazakh market.
Kazakh Prime Minister Alikhan Smailov said ArcelorMittal's future in Kazakhstan was uncertain. The company's maintenance investments are declining annually, and accidents, tragically, continue to occur, causing loss of life
ArcelorMittal Temirtau is part of the international steel concern Arcelor-Mittal. The company owns 15 coal mines and iron ore mines in Kazakhstan.
