One out, one more to go: with Fosun departed only Kenes Rakishev and Roman Trotsenko are competing for GV Gold

The major Chinese investment fund Fosun steps down from the competition for one of the few gold mining companies available for sale. It has been reported that Fosun no longer pursuits the acquisition of Russian GV Gold mining company. RBK, a reputable source in business information, said that only Kenes Rakishev from Kazakhstan and Roman Trotsenko from Russia left competing for the Yakutia and Irkutsk mines.

Fosun official representative, Mayskiy List Ltd, will likely to recall the previously requested permission from the Russian Competition Authority. The request was filed in June 2019. Different approaches to PAO “Vysochayshiy” assets evaluation was a main reason for Fosun to step down. The gold price hike prompted arguments between the seller and potential buyers. With those arguments not resolved Fosun has left the race.

GV Gold maintains active mining operation in Yakutia and Irkutsk regions of the Russian Federation. The preliminary deal was evaluated to be as high as 1 billion USD according to Bloomberg.

GV Gold representative told RBK that the talks with Fosun are still continuing and the papers were sent to the government committee. Fosun refused to comment on the topic. Fosun is not the alone in the race to acquire GV Gold. The media names Kazakhstani businessman Kenes Rakishev and Russian billionaire Roman Trotsenko as potential buyers. Trotsenko said earlier that he is ready to buy the GV Gold mining company could Chinese investors step aside. Kenes (Kenges) Rakishev had previous experience and expertise with managing gold mining operations in Russia.

Who is Kenes (Kenges) Rakishev?

Kenes (Kenges) Rakishev is a prominent investor and entrepreneur regarded as one of the most influential businessmen in Kazakhstan. Rakishev has business interests spanning technology, oil & gas, finance, shipbuilding, and metals & mining industries, and serves as Chairman of the Board of Directors of several industry leaders including Kazakhstan Petrochemical Industries, SAT & Company, Net Element and Vyborg Shipyard.

He is also Chairman and Co-Founder of Sirin Labs, which has developed the world’s first blockchain smart phone Finney, and Managing Partner at Singulariteam-1 and Singulariteam-2 venture capital funds that focus on innovative tech companies.

Kenes Rakishev’s investments in metals and mining include interests in SAT & Company and Petropavlovsk. In finance and payments processing, he has invested in BTA Bank, Standard Insurance and Net Element. Previously, he also invested in Kazakhstan’s most profitable retail chain Magnum and TV channel Channel 7.

Rakishev provides asset management through Fincraft Investment House and makes tech-oriented venture capital investments through his Singulariteam-1 and Singulariteam-2 funds. At the end of 2017, Rakishev’s blockchain consumer electronics company Sirin Labs raised more than $157 million through the 5th largest ICO to date, to develop the world’s first blockchain smartphone Finney.

The author: Michel DEURINCK

Michel Deurinck, born in Brussels in 1950, started his career in the Belgian civil service, dedicating over 30 years to public service. Upon retirement, he pursued his passion for journalism. Transitioning into this new field, he quickly gained recognition for his insightful reporting on politics and culture. Deurinck's balanced and thoughtful approach to journalism has made him a respected figure in Belgian media.

Related posts

Leave a Comment