Kazakhstan’s law enforcement authorities are investigating alleged large-scale fraud linked to the Manka gold deposit in the country’s East Kazakhstan region, close to the borders with Russia, China, and Mongolia. The case, opened on June 15, 2026, follows a complaint from the founders of Z MetalsHolding Limited. The East Kazakhstan Regional Prosecutor’s Office confirmed the criminal case on November 10, 2026, emphasizing that the investigation is ongoing and no suspects have been named.
The complaint alleges that Yildirim Holding, associated with Turkish businessman Robert Yüksel Yıldırım, acquired the companies developing the Manka deposit for $5 million. The complainants claim that Yıldırım committed to building a gold-processing plant, developing production, and creating local jobs, but none of these promises were kept. According to the Kazakh business outlet National Business, the acquisition was part of a broader strategy by Yıldırım to expand his mining interests in Central Asia.
Allegations of Fraud and Safety Concerns
Instead of the promised investment, the complainants allege, the companies received loans totalling $21 million at an annual interest rate of 25%. The complainants argue that these loans were unjustified and have asked Kazakhstan’s Agency for Financial Monitoring (AFM) to investigate their legitimacy. They also say that after three years without operations, the mine has deteriorated to a condition that poses a safety risk. These claims have not been independently established. The alleged safety concerns would require confirmation through an appropriate technical inspection or other independent evidence. The alleged safety concerns, if proven, could have significant implications for both workers and the environment.
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The authors of the complaint have asked Kazakhstan’s Agency for Financial Monitoring (AFM) to examine whether such high interest rates on loans from the Turkish investors were justified, and have asked the Prosecutor General’s Office to take the investigation under its control. The case is being handled under Article 190(4)(2) of Kazakhstan’s Criminal Code, which specifically addresses fraud committed on a particularly large scale. It is important to note that this is the offense being investigated, not a finding that fraud has occurred or that any individual is guilty.
Investigation and Project Timeline
The investigation remains under the supervision of the Prosecutor General’s Office, with the East Kazakhstan Regional Police Department conducting the pre-trial inquiry. Citing Article 201 of the Criminal Procedure Code, which protects pre-trial investigation data, the prosecutor’s office stated that no further details would be disclosed at this stage. This legal provision ensures the integrity of the investigation by preventing premature disclosure of sensitive information.
The Manka deposit, discovered in 1925, yielded about 3.6 tonnes of gold between then and 1954. Yıldırım, who built his fortune in chrome and shipping through the family-owned Yildirim Group, founded the Netherlands-based CoreX Holding in 2024. In its annual report, as cited by Kursiv in June 2026, CoreX Holding lists Manka among its assets in Kazakhstan and says it planned to begin mining at the deposit in 2026. However, the project’s timeline has been delayed, with regional authorities reporting in November 2026 that industrial production was now planned to start in 2027. This delay has raised concerns among stakeholders about the project’s viability and the fulfillment of its commitments.
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According to Kazinform, regional authorities noted that construction and equipment-supply contracts had been signed, but implementation had not begun due to pending investment financing. This lack of progress has further fueled the allegations of fraud and mismanagement surrounding the project.
Implications for Kazakhstan’s Mining Sector
CoreX Holding has stated that it signed an Engineering, Procurement, and Construction (EPC) contract with AAEngineering Group LLP for a gold-processing plant with a planned capacity of 200,000 tonnes of ore annually. This contract represents the company’s stated plans and does not confirm that construction has started. The EPC agreement is a critical component of the project, as it outlines the responsibilities of each party in delivering the plant on time and within budget.
