Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

ENRC Brokers Deutsche Bank, Morgan Stanley Resign Amid Probe

Eurasian Natural Resources Corp.’s two corporate brokers have quit as advisers to the ferroalloys producer that’s facing an investigation by the U.K. Serious Fraud Office.

“After many years with the company, Morgan Stanley and Deutsche have stepped down in recent weeks,” ENRC said in an e-mailed statement today. The London-based mining company is reviewing potential replacements, it said.

The SFO on April 25 began a formal probe into allegations of fraud, bribery and corruption relating to the activities of the company or its subsidiaries in Kazakhstan and Africa. ENRC shares slid 55 percent last year amid bribery allegations and as anti-corruption groups questioned the company’s dealings in the Democratic Republic of Congo.

ENRC founders Alexander Machkevitch, Patokh Chodiev and Alijan Ibragimov together with the Kazakh government are considering making an offer for the company, Machkevitch said on April 19. The group, which owns 54 percent of the company, has until May 17 to make a proposal.

Officials from Deutsche Bank and Morgan Stanley declined to comment.

ENRC shares fell 3.9 percent to 291.5 pence by the close in London, valuing the company at about $5.81 billion.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.