Kazakhstan Is In Talks To Buy Stake In Areva

Kazakhstan Is In Talks To Buy Stake In Areva

Kazakhstan is negotiating acquisition of a stake in French atomic company Areva.

Earlier it was reported that the Kazatomprom mining company seeks to enter the capital of the French giant atom. The French government decided last year to reorganise Areva, hit by low demand for nuclear power after the Fukushima disaster in Japan in 2011.

However, the US Department of Justice has tasked FBI with investigating the EUR-1.8-billion (USD 1.91bn) acquisition of Canadian mining firm Uramin by French nuclear group Areva (EPA:AREVA) as the case falls within the scope of the US Foreign Corrupt Practices Act (FCPA), writes SeeNews.

The acquisition, closed in 2007, made a dent of EUR 3 billion in Areva’s balance, causing partially the near-bankruptcy of the state-owned group.

According to the paper, in the autumn of 2016 French independent detective and former financial specialist Marc Eichinger gave the US authorities a new report on the deal.

In his first report in 2010, Eichinger is said to have found a possible fraud which could have been facilitated by Areva’s managers.

In May 2016, former Areva CEO Anne Lauvergeon was accused by the French authorities of publishing inaccurate accounts and misleading information in an effort to cover the devaluation of assets that were acquired as part of Uramin’s purchase. The assets, primarily located in Africa, have eventually proven unprofitable.