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Kyrgyzstan|economy|September 20, 2021 / 01:25 PM
LBMA suspends Kyrgyzaltyn over responsible sourcing failures

AKIPRESS.COM - The London Bullion Market Association (LBMA) suspended its accreditation of a gold refinery in Kyrgyzstan for failing to meet its responsible sourcing standards.

The LBMA said in June it had begun a review of the refiner, Kyrgyzaltyn JSC, “in response to issues concerning delivery and the potential for fraud.”It gave no further details in that statement or on Friday, Reuters reports. 

Kyrgyzaltyn has denied wrongdoing.

The loss of accreditation will restrict Kyrgyzaltyn’s access to the mainstream market because major banks that dominate precious metals trading tend to handle only metal from refineries on the LBMA’s “good delivery” list, Reuters said. 

“With effect from today, 17 September 2021, Kyrgyzaltyn JSC has been suspended from the LBMA Good Delivery List for failing to meet the requirements of the Responsible Sourcing Programme,” the LBMA said in a statement.

“All production from the refinery will no longer be accepted as Good Delivery from this date,” it said.

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