Eurasian Financial Company: Almaty Court Dismisses Patokh Chodiev’s Lawsuit

The Almaty Economic Court has fully dismissed the lawsuit of Patokh Chodiev against the Eurasian Financial Company (EFCO), in which he owns a one-third stake, Orda.kz reports.

According to Forbes, the court upheld the claim of another EFCO co-owner, Shukhrat Ibragimov. As a result, the board of directors’ decisions of June 2 and July 30 must be enforced.

The company is required to approve the 2024 financial statements of Eurasian Bank and Eurasian Capital and to confirm the election of new independent directors, Yerlan Musin and Zhanbota Bekenov.

Additionally, EFCO must compensate Ibragimov for his legal expenses.

Chodiev’s claim sought to invalidate the board’s decisions and secure one million tenge in compensation for moral damages, but it was rejected in full. A separate lawsuit filed by Chodiev’s daughter, Mounissa Chodieva, was also dismissed. 

Mounissa does not appear on the updated list of EFCO board members. Observers note that the Ibragimov family appears to be gaining the upper hand in the ongoing conflict over the “Eurasian legacy.”

Orda.kz contacted the Almaty Specialized Interdistrict Economic Court for clarification, but had not received an official response at the time of publication.

The trial of Chodiev’s lawsuit and EFCO’s counterclaim began in Almaty on August 26. The hearings were held behind closed doors, with details withheld until the rulings were issued.

The corporate conflict between the Ibragimov and Chodiev families — co-owners of Eurasian Resources Group —emerged after the death of one of the group’s co-founders, Alexander Mashkevich, in March 2025. In April, reports suggested that U.S. investor James Cameron was considering acquiring ERG’s business, though the company denied this.

Meanwhile, the Agency for Regulation and Development of the Financial Market (ARDFM) has reported violations in EFCO’s operations.

Original Author: Nikita Drobny