Former Kazakh Deputy PM Sues Jusan Technologies Directors

Former Kazakh Deputy Prime Minister Yerbol Orynbayev has filed lawsuits in the United States and the United Kingdom against the directors of Jusan Technologies Ltd, including House of Lords member David Charles Evans, Orda.kz reports, citing The Guardian.

Orynbayev argues that Jusan’s assets, which he says were worth around $1.6 billion, were sold in 2023 for just $75 million. He calls the sale “fictitious” and accuses the company’s leadership of enriching themselves through improper payments.

According to the lawsuit, Lord Evans received a million-dollar bonus for approving the deal, as well as other payments. Other company directors also received millions of dollars in illegal compensation and approved inflated salaries, which allowed the assets to be acquired at a fraction of the cost.

Lord Evans and the other defendants strongly deny the allegations. They argue that the claims are unfounded and accuse Orynbayev of hypocrisy, saying he previously supported the deal.

The defendants also claim that Kazakhstan's authorities began a campaign in 2022 to seize Jusan’s assets, which led to them being frozen and losing value.

In a preliminary ruling, a UK judge said some of Orynbayev’s evidence appeared biased, and assessed that the real value of the assets may have been “at best” $150 million. However, the judge noted that the details of the transaction and the directors’ compensation still need full examination.

Yerbol Orynbayev, 54, was born in Shymkent and has held numerous senior positions in Kazakhstan: deputy akim of the South Kazakhstan region, various roles in the Presidential Administration, head of the Prime Minister’s Office, and deputy prime minister.

His last government post was as aide to Nursultan Nazarbayev (2013–2015).

Earlier, claims against American investor Ron Wahid, who also led Jusan Technologies, were heard in Manchester. He was accused of selling Kazakhstani assets for $75 million despite the stated $1.6 billion valuation, and of receiving excessive compensation.

In another case before the London High Court, details emerged about Jusan Technologies’ expenses on reputation management:

• Lord Evans received $6,000
• Yerbol Orynbayev received $64,000
• RJI Capital received £720,000 for PR services

The court, however, prohibited disclosure of the directors’ salaries and hourly rates.

Original Author: Ruslan Loginov