Prosecutors have confirmed a criminal case over a gold project in East Kazakhstan, where The European Financial Review reports, complainants say promised investment never arrived and the mining companies instead received loans carrying an annual interest rate of 25%, according to allegations reported by National Business.
Kazakhstan’s law enforcement authorities are investigating alleged large-scale fraud linked to the Manka gold deposit in the East Kazakhstan region, close to the country’s borders with Russia, China and Mongolia.
As The European Financial Review writes, on 10 November, the East Kazakhstan Regional Prosecutor’s Office confirmed that a criminal case had been opened on 15 June 2026 following a complaint from the founders of Z MetalsHolding Limited. The case is being handled under Article 190(4)(2) of Kazakhstan’s Criminal Code, which covers fraud committed on a particularly large scale. This is the offence being investigated, not a finding that fraud has occurred or that any individual is guilty.
What the complainants allege
According to the Kazakh business outlet National Business, the companies developing the Manka deposit were acquired for $5 million by Yildirim Holding, associated with Turkish businessman Robert Yüksel Yıldırım. The complainants say the buyer committed to building a gold-processing plant, developing production and creating local jobs, and that none of these commitments was fulfilled.
Instead of the promised investment, the complainants allege, the companies received loans totalling $21 million at an annual interest rate of 25%. 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, and the alleged safety concerns would require confirmation through an appropriate technical inspection or other independent evidence.
The authors of the complaint have asked Kazakhstan’s Agency for Financial Monitoring 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 prosecutor’s statement does not name any suspect, and none of these allegations has been tested in court.
Investigation under the Prosecutor General’s oversight
According to the regional prosecutor’s office, the case was opened by the Prosecutor General’s Office of Kazakhstan and passed to the East Kazakhstan Regional Police Department for pre-trial investigation.
The investigation is ongoing and remains under the supervision of the Prosecutor General’s Office. Citing Article 201 of the Criminal Procedure Code, which protects pre-trial investigation data, the prosecutor’s office said no further details would be disclosed at this stage.
Project commitments and reported progress
Manka is one of the older gold deposits in East Kazakhstan. It was discovered in 1925, and between then and 1954 its veins yielded about 3.6 tonnes of gold.
Robert Yüksel Yıldırım built his fortune in chrome and shipping through the family-owned Yildirim Group. In 2024 he founded the Netherlands-based CoreX Holding, which took over several of the group’s metals and mining assets.
CoreX Holding’s annual report, cited by Kursiv in June 2026, lists Manka among its assets in Kazakhstan and says the company planned to begin mining at the deposit in 2026. The complainants, however, say that three years on, the mine has still not been brought into operation and is now in a condition that poses a safety risk.
However, the project’s timeline has since come into question. According to Kazinform, citing regional authorities on 10 November 2026, industrial production at Manka was planned to begin in 2027. The authorities also reported that construction and equipment-supply contracts had been signed, but implementation had not yet begun because investment financing was still pending. This provides additional context for the differing accounts of the project’s progress.
CoreX Holding has also publicly stated that it signed an Engineering, Procurement and Construction (EPC) contract with Kazakhstan-based AAEngineering Group LLP for a gold-processing plant with a planned capacity of 200,000 tonnes of ore annually. This represents the company’s stated plans and should not be taken as confirmation that construction has commenced.
The case comes as Kazakhstan works to attract foreign capital into its mining sector. The outcome of the investigation will be of interest to investors and local communities, particularly those affected by the development of major mining projects.
Sources:
- East Kazakhstan Regional Prosecutor’s Office, statement of 10 November 2026: gov.kz/org/prokuraturavko/press/news/details/1326624
- National Business (nationalbusiness.kz): “Yildirim Holding, Manka and loans at 25%” and “Large-scale fraud: what is known about the Manka deposit case”
- Kursiv: “Turkey seeks to double gold reserves at Kazakhstan’s Manka”
- Fastmarkets: “Robert Yildirim’s CoreX Holding targets growth”
- Additional sources recommended:
- Kazinform, 10 November 2026: Report on the Manka project’s status, planned 2027 production start, construction contracts and outstanding investment financing.
- CoreX Holding: Company statement concerning the Manka acquisition and EPC agreement with AAEngineering Group LLP.
