Kazakhstani Company’s Retreat From London Raises Governance Questions - Transitions Online:
"When Kazakhstan’s president, Nursultan Nazarbaev, rang the bell to open trading on the London Stock Exchange in late November 2006, he was symbolically ushering in a new era. Companies flush with cash from Kazakhstan’s energy-driven economy were flocking to list in London, where they were welcomed as rising stars.
Seven years later, one of the Kazakhstani stars on the London exchange burned out: On 22 November, the Eurasian Natural Resources Corporation (ENRC) beat an ignominious retreat from the LSE, buffeted by tumbling share prices, corruption scandals, legal tussles, and boardroom backstabbing.
It was a far cry from the triumphant day in 2007 when ENRC floated in London, worth 6.8 billion pounds ($11 billion) and pricing shares at 540 pence (about $8.75). By the end of its last day of trading, share values had plummeted by 60 percent, to 217.25 pence (about $3.50) apiece. And in a double whammy, the Kazakhstan Stock Exchange downgraded ENRC as it exited the LSE."
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