Kazakhstan's Eurasian Natural Resources Corporation (ENRC) has reached a settlement with the British Serious Fraud Office (SFO), ending a multi-year legal dispute. The company had sought compensation of more than $290 million, but the parties did not disclose the amount of the settlement payment.
HOW THE DISPUTE ENDED
As reported by the British anti-corruption organisation Spotlight on Corruption, ENRC and the SFO agreed to settle the claims out of court. The law firm Dechert and its former partner David Neil Gerrard were also parties to the agreement.
The agreement allowed the proceedings to be concluded without a separate court ruling on the amount of compensation. Exactly how much ENRC will receive is unknown, as the financial terms of the deal remained confidential.
WHY ENRC SOUGHT COMPENSATION
The subject of the original proceedings was the SFO's criminal investigation into ENRC, which lasted from 2013 to 2023. The British agency was examining suspicions of corruption and possible bribes linked to the company's mining assets, including in the Democratic Republic of the Congo.
In 2023, the High Court of England and Wales found misconduct on the part of the SFO. In particular, the court found that the agency had obtained information from ENRC's former legal adviser that he had no right to disclose.
The investigation ended without any charges being brought. ENRC denied involvement in corruption and subsequently sought compensation for damage which, the company claimed, arose from the agency's actions and the circumstances surrounding the investigation.
WHY THE CASE WAS NOT CONCLUDED IN COURT
In March 2026, the UK Supreme Court refused the SFO and Dechert permission to further appeal an earlier ruling. After that, ENRC continued to seek compensation, with the amount claimed exceeding $290 million.
However, the court did not issue a separate ruling on the amount of damages. In the end, the parties settled the dispute by means of a settlement agreement.
HOW MUCH THE PROCEEDINGS COST
In the SFO's annual report for the 2025/26 financial year, the agency set aside around €15 million for legal costs related to the ENRC case. At the same time, the SFO had previously stated that by January 2025 the costs of the civil proceedings had exceeded €21.1 million.
The SFO confirmed the conclusion of the agreement and noted that the current agency is substantially different from the structure that conducted the ENRC investigation.
