Chodiev Reportedly Challenges ERG Board Decisions

A legal battle has emerged within the Eurasian Resources Group (ERG), one of Kazakhstan’s largest companies, as co-founder Patokh Chodiev has reportedly filed a lawsuit related to internal corporate decisions, Orda.kz reports.

According to the Telegram channel Ruchnaya Ekonomika, Chodiev — who holds a 20% stake in ERG and one-third of the affiliated Eurasian Financial Company (EFK) — initiated legal proceedings on July 2 against EFK.

He is seeking to nullify board decisions made in early June.

This follows a separate lawsuit from another ERG co-owner, Shukhrat Ibragimov, who is pushing to uphold the same board decisions. EFK has not published updates on its corporate events since April, leaving the reasons behind the dispute unclear.

Earlier, Ibragimov blocked shareholder meetings through court. Now, Chodiev is demanding that an extraordinary general meeting be convened. It raises the question: what decision by the board has led to such court battles? wrote Ruchnaya Ekonomika.

Ibragimov has previously blocked three board meetings, one of which involved proposed changes in EFK's senior management.

In March 2025, another ERG co-founder, Alexander Mashkevich, passed away, which reportedly intensified internal disagreements. In April, speculation surfaced that ERG might be acquired by American investor James Cameron — a claim the company later denied.

In May, international media reported that Ibragimov had offered to buy out Chodiev and Mashkevich’s heirs to take full control of ERG. According to the Financial Times, the parties could not agree on terms, and the talks have occasionally turned tense.

Some reports suggest that a potential division of the business was also being considered by the co-owners.

Original Author: Nikita Drobny