Kazakhstan: Financial Regulator Issues Order to Eurasian Financial Company Amid Shareholder Dispute
Photo: Orda.kz collage
The Agency for Regulation and Development of the Financial Market (ARDFM) has issued an order against the Eurasian Financial Company (EFCO), which has recently become the focus of a shareholder conflict, Orda.kz reports.
According to the regulator, the company violated requirements aimed at minimizing risks and improving its financial condition, as well as measures of supervisory regulation. The agency also cited inconsistencies between EFCO’s operations and the law “On Banks and Banking Activities in the Republic of Kazakhstan.”
The order is dated September 10.
EFCO has long been linked to the joint ownership of Eurasian Resources Group (ERG) by Patokh Chodiev, the Ibragimov family, and the heirs of the late Alexander Mashkevich. Through EFCO, the shareholders also exercise control over Eurasian Bank. Tensions reportedly escalated after Mashkevich’s death, when disagreements emerged over the future sale of EFCO’s assets.
In late August, a court in Almaty began reviewing mutual lawsuits filed by Chodiev and EFCO. The businessman, who holds one-third of the company’s shares, is seeking to invalidate decisions made by the board of directors and has demanded one million tenge in moral damages.
Original Author: Nikita Drobny
Latest news
- Tourist Boats Set to Resume Service on Astana’s Yesil River
- U.S. Embassy in Astana to Auction Cars, Furniture and Medical Equipment
- Promising New Oil Discovery Announced at Kashagan
- Prices for Basic Food Products Keep Rising in Kazakhstan as Regional Gaps Widen
- Kazakhstan Plans Unified Register for Military Draft Notices
- Village in Kyzylorda Region Flooded After Heavy Rainfall
- Europe’s New Sanctions Against Russia Again Affect Kazakhstan
- International Development Banks to Invest Billions of Dollars in Kazakhstan
- Heavy Smoke in Almaty Metro Caught on Video
- Tokayev Discusses Expansion of Partnership With Oman’s Deputy Prime Minister
- Video Shows Construction Waste Dumped Near Reservoir in Kazakhstan
- Suspect in Theft of $230,000 From Employer Extradited From Greece to Kazakhstan
- Steppe Near Aktau Cleared After Landfill Complaints, but People Doubt the Problem Is Solved
- Why Markets Are Closing in Kazakhstan, According to the Ministry
- Kazakh Scientists Seek 10 Billion Tenge for Rare Metal Processing Research
- Georgia Becomes New Market for Kazakhstan’s Pork Exports
- Young Kazakhstanis Are Moving Into Trade and Working Overtime
- Russia Promises New Route for Kazakh Oil to Europe After Druzhba Halt
- National Fund Assets Reach $64.6 Billion as Kazakhstan Cuts Withdrawals
- Deputy Complains About Growing Rudeness and Aggression in Kazakh Society
