Court Declares ZIKSTO Reorganization and Share Transfers Invalid

A court in the North Kazakhstan region has annulled a series of transactions and corporate decisions related to the reorganization of the former ZIKSTO JSC, a major railcar manufacturer, Orda.kz reports.

The lawsuit targeted ZIKSTO LLP, PremiumVagonKomplekt LLP, and Aigul Myrzakhanova over alleged violations during the company’s transformation into a limited liability partnership. Former shareholders argued they were not informed of key meetings, effectively excluded from decision-making, and denied the opportunity to repurchase their shares.

The court ruled that both the share transfers and the company’s reorganization were unlawful. The decision has not yet entered into legal force.

Earlier, Orda.kz reported that former ZIKSTO employees — who had received shares during privatization in 1996 —discovered they were no longer listed as shareholders. The shares had been bought out at just 16 tenge each, and the enterprise was eventually acquired by PremiumVagonKomplekt LLP for just over 91 million tenge.

Original Author: Artyom Volkov