Kazakhstan to pull London fundraising

 

Companies from Kazakhstan plan to move their fundraising away from London because British investors failed to back the state during the financial crisis, the country's central bank governor told the Financial Times.

Over-relying on London was a mistake because too many investors fled in the crisis and proved to be "fair-weather friends" Grigory Marchenko said in an interview published on FT.com on Sunday.

He said Kazakh companies would now look to the Middle East and Hong Kong as well as London, which will mean London's share of future fundraisings will fall to around 50 percent from about 90 percent currently, he told the paper in an interview appearing on the website.

"London investors were talking about long-term commitment, but in 80 percent of cases it was not true" Marchenko was quoted as saying.

Kazakh companies listed in Britain include Kazakhmys and ENRC