Court Sides With Ibragimov Family in Ongoing Battle Over Eurasian Financial Company

A new phase of the long-running corporate feud between the Chodiev and Ibragimov families is unfolding in Almaty, Orda.kz reports.

The Civil Division has upheld the ruling of the Economic Court, which earlier rejected billionaire Patokh Chodiev’s lawsuit against Eurasian Financial Company (EFC). His appeal — along with a separate appeal filed by his daughter, Mounissa — was dismissed.

The Almaty City Court confirmed that Shukhrat Ibragimov retains the upper hand in the dispute over EFC. The earlier decision in his favor remains in force, obliging the company to comply with the board’s resolutions adopted on June 2 and July 30.

Those resolutions include:

• Approval of the 2024 financial statements of Eurasian Bank and Eurasian Capital
  
• Recognition of the appointments of new independent directors, Yerlan Musin and Zhanbota Bekenov
  
• Implementation of corporate procedures previously blocked by Chodiev
  
• Reimbursement of legal costs to Ibragimov

Chodiev had sought the opposite outcome — having the meetings declared unlawful, voiding their decisions, and receiving one million tenge in moral damages.

The appellate court has now denied all of those demands.

Mounissa Chodieva’s attempt to challenge the company’s management decisions was also unsuccessful, and she no longer appears on the newly formed EFC board.

Background

The confrontation escalated in spring 2025 after the death of ERG co-founder Alexander Mashkevich, deepening tensions between the influential Chodiev and Ibragimov families. 

Since August, hearings at the Almaty Specialized Interdistrict Economic Court have taken place behind closed doors, with each side accusing the other of illegally convening board meetings, altering agendas, and attempting to seize control of key assets.

With the latest appellate ruling, the balance has clearly shifted: the Ibragimov family has strengthened its position, and for now, the corporate battle is tilting against the Chodievs.

Original Author: Dinara Bekbolayeva