The Serious Fraud Office (SFO) has struck a confidential deal with the Eurasian Natural Resources Corporation (ENRC) to bring marathon litigation by the Kazakh mining company to an end. Yet without any transparency about the terms of this settlement, the public is left in the dark about how much of the $290 million in damages pursued by ENRC is to be handed over by the SFO.
This settlement comes after the SFO’s probe into the former FTSE 100 company unleashed an avalanche of litigation against the agency, its officers, and journalists who looked into suspected corruption in its mining operations. Founded by the so-called trio of ex-Soviet oligarchs in 1994 and now reportedly funded by sanctioned Russian banks, ENRC and its associates were suspected of paying bribes to secure lucrative mining deals in the Democratic Republic of Congo while it was a London-listed company.
The SFO…
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