Eurasian Natural Resources Corporation (ENRC), primarily owned by the so-called trio of Alexander Mashkevich, Patkh Chodiev and Alidjan Ibragimov — Forbes-listed oligarchs who made their fortune in Kazakhstan after the shady privatization epopee in mid-1990s – is set to make a dramatic entry into the top third of the FTSE 100 as its shares have risen more than 80 per cent since they got listed in December 2007 thanks to the soaring prices of iron ore, aluminium and ferrochrome, the group’s main products.

The trio are subjects of a long-running Belgian criminal investigation into the source of funds used in some property dealings, which began in 1996. The three men deny the allegations and are now suing the European Commission for up to €200m in damages over lost sales after Brussels imposed anti-dumping tariffs on ENRC last December. It is thought to be among the biggest damages claims against the Commission’s trade department. ENRC is seeking to have the measures annulled. A Commission spokesman said: “The Commission stands by the results of the investigation in this case, and will defend the measures in court if necessary”, reports FT today.