An investigation into a significant fraud case related to the Manka gold deposit in East Kazakhstan is currently underway, following a complaint from the founders of Z MetalsHolding Limited. The case has been initiated by the General Prosecutor’s Office and is being closely monitored by law enforcement authorities in the region. The criminal proceedings were officially opened on 15 June 2026, after the allegations were brought to light by the company’s founders. The materials of the case have been transferred to the East Kazakhstan police department, which is investigating the matter under Article 190, Part 4, Clause 2 of the Criminal Code.
While the exact amount of the alleged damages and details regarding the suspects have not been disclosed, the prosecution has cited Article 201 of the Criminal Procedure Code, which pertains to the confidentiality of pre-trial investigations. The Manka deposit, located in the Markakol region of East Kazakhstan, is being developed by CoreX Holding, previously known as Yildirim Holding. The company acquired the mining rights in 2023 and announced in October 2026 that it had signed a contract with the Kazakh company AAEngineering Group to construct a gold extraction plant.
This case highlights the ongoing challenges within the mining sector in Kazakhstan, particularly concerning regulatory compliance and corporate governance. As the investigation progresses, it will be crucial to monitor its impact on the operations of CoreX Holding and the broader implications for foreign investment in the region’s mining industry. The Manka project, which aims to extract gold-bearing ore through underground methods, is a significant venture for the local economy, and any disruptions could have far-reaching consequences for stakeholders involved.
