ENRC was delisted from the London Stock Exchange in November 2013, after almost six years, and subsequently acquired by the Luxembourg-based private natural resources company, Eurasian Resources Group. Photo: Shutterstock

ENRC was delisted from the London Stock Exchange in November 2013, after almost six years, and subsequently acquired by the Luxembourg-based private natural resources company, Eurasian Resources Group. Photo: Shutterstock

The UK’s Serious Fraud Office has terminated its criminal investigation into Eurasian Natural Resources Corporation Ltd (ENRC) due to a lack of sufficient admissible evidence for prosecution.

Luxembourg-based Eurasian Resources Group said a decade-long corruption probe into one of its units by UK authorities has ended without any charges being filed against the firm or company officers.

Launched in 2013, the investigation focused on suspected payment of bribes by Eurasian Natural Resources Corporation and individuals connected to it for securing mining contracts in the Democratic Republic of the Congo from 2009 to 2012.

On Thursday 24 August 2023, the UK’s Serious Fraud Office that the case had been closed. The SFO determined that there was not enough admissible evidence to move forward with prosecution. According to the SFO, the investigation spanned multiple jurisdictions and followed all reasonable lines of inquiry.

ENRC, once a public, FTSE 100 company , is now a fully owned subsidiary of Eurasian Resources Group. It focuses on mining operations primarily in Kazakhstan and Central Africa. ERG, headquartered in Luxembourg, acquired ENRC’s assets in late 2013. ERG is 40% owned by the Kazakhstan government.

ENRC had long denied the allegations of any wrongdoing. In response to the closure of the case, the company , “ENRC is pleased that the SFO has finally closed its investigation and that the SFO is taking no further action in respect of this matter.”

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