Uzbekistan seizes US mining giant’s assets

[lovuian]

http://www.thepeninsulaqatar.com/Display_news.asp?section=World_News&subsection=Rest+of+the+World&month=August2006&file=World_News2006080433754.xml

TASHKENT • Uzbek authorities have frozen gold shipments and seized assets from US group Newmont Mining, one of the biggest gold producers in the world, over a tax dispute, the company said yesterday.

Officials are “no longer allowing gold to be shipped out of Uzbekistan and some gold has been seized by the tax authorities, along with other assets” of the Zarafshan-Newmont joint venture, documents published on its website said.

Uzbekistan’s tax committee declined to comment on the issue.

Last month, Newmont said it might consider selling its 50 per cent interest in the joint venture, worth about 94 million dollars, after a court ruled it should pay 48 million dollars in taxes and fines from 2002-2005
more...

Looks like another Yukos deal where the state nationalizes the gold mines why not...Condi and Cheney won't be happy...

[NVMojo]

1. Newmont is a mining giant in Nevada ...

[Richard Steele]

4. Newmont is a mining giant EVERYWHWERE.

And even the most cursory glance at their 'standards and practices'
paints a picture of a tremendously CRIMINAL enterprise.

It's a corporation that has been so crooked for so long,
it breaks laws out of HABIT, regardless of necessity.

Paper bags full of unmarked bills are such an inherent part of their
"business model" that they really wouldn't know what to do
if a LEGITIMATE business opportunity ever came their way.

[upi402]

2. Ha ha, the fools must think that place is the Land of the "Free".

Watch the Chavez haters pile on this one...
:popcorn:

[JackNewtown]

3. Didn't they also kick US troops out of their nation?

Could Uzbekistan be a dark horse candidate to be the next nation to be "liberated"?

[Judi Lynn]

5. No doubt it could be. You're right, Islam Karimov kicked Bush out.

He put some bases in there. I presume the location's prime for _Bush aggression in the area:



_Bush knew how vicious Islam Karimov is when he went in there with bases and personel. It didn't seem to be a problem, even when the entire world knows Karimov tortures his political prisoners in ways no one would believe possible in the 20th and 21st centuries.

No doubt _Bush can always pretend to have just learned about this and use it as an excuse down the line to steal his country.

[JackNewtown]

7. Any oil in Uzbekistan? nt

[SoCalDem]

6. Uh Oh.. The Bush family has ties to Newmont

:)

[Donald Ian Rankin]

8. The immediate question this begs is

"What effect will this have on investment in Uzbekistan?"

If it's clear that this was only a one-off then it shouldn't matter too much, but if, as I fear, investors aren't convinced that it won't happen again then this will rebound on the Uzbek economy.