Kazakhstan Recovers Shares of Kaskor-Transservice
Photo: Orda.kz
Kazakhstan has regained full state ownership of shares in Kaskor-Transservice JSC, a transport company previously linked to prominent figures from the Nazarbayev era, Orda.kz reports. The Almaty Prosecutor’s Office successfully secured the return of the shares, concluding a years-long legal battle.
Kaskor-Transservice, which operates in both automobile and rail freight transport, was found by the courts to have illegally transferred shares to foreign entities.
An appellate court upheld this ruling, solidifying the return of the shares to the state.
The dispute dates back to 2019, when Kazakhstan and Turkish oil firm AktauPetrol Ticaret AS agreed to the voluntary transfer of 515,000 shares of Kaskor-Transservice to the state. However, the shares instead ended up with Oil Stream LLP, prompting the prosecutor’s office to file a legal claim to recover them.
Key infrastructure previously controlled by Kaskor-Transservice — notably, railway lines in the Mangystau region connecting Mangyshlak station to the Aqtau seaport — had already been reclaimed by the government.
After the January 2022 unrest, an inspection by Kazakhstan’s Agency for Protection and Development of Competition found the company had set its own tariffs for 15 kilometers of railway, creating unfair market conditions.
The company’s past ties to influential figures from the “Old Kazakhstan” era have drawn attention. These include former Minister of Economy and Education Zhaksybek Kulekeyev and Marat Abykayev, the son of ex-National Security Committee chief Nurtay Abykayev. Kulekeyev served on the board of directors, while Abykayev Jr. was listed among affiliated parties.
Following Orda.kz’s report, Kulekeyev clarified that he never held shares in Kaskor-Transservice and served on the board only as a representative of the state oil company KazMunayGas.
He added that he stepped down from the board when KazMunayGas sold its stake in the company.
Original Author: Ruslan Loginov
Latest news
- Who Will Be Able To Create New Regions In Kazakhstan? Parliament Defines Powers
- Nazarbayev’s Grandson, Freedom Founder And Ordabasy’s Future Owner Among Kazakhstan’s Youngest Richest Businessmen
- Deputy Says Salary Is Not Enough, Asked His Wife To Work
- Kazakhstan Is Buying Fewer Drones, But Paying More For Them
- Kazakhstan And Turkey To Create UAV Production Enterprise — What Else The Presidents Agreed On
- KTZ Top Management Pay Tops One Billion Tenge
- “We Are Being Asked to Approve an Illegal Project”: Environmentalists Demand Halt to Almaty Mountain Development
- Pentagon May Add $400 Million to Kazakh Tungsten Project Linked to Trump’s Sons
- Kazakhstan To Tighten Biometric Authentication Rules
- Kazakhstan To Recruit Public Assistants To Help Prevent Financial Crimes
- AI Could Replace Up To 400,000 Jobs In Kazakhstan, Labor Ministry Says
- Almaty Police Put More Than 3,000 Domestic Violence Offenders On Preventive Register
- Kazakhstan To Introduce Workplace Harassment Liability
- 10 Suspected Of Serious Crimes, Extortion, And Armed Hooliganism Detained In Almaty
- Kazakh Employers To Give Written Notice Of Changes To Working Conditions
- Kazakh Businesses Overpay Nearly 500 Billion Tenge For Employee Insurance, MP Says
- Kazakhstan Does Not Face Road Bitumen Shortage, Energy Ministry Says
- Kazakhstan To Introduce New State Orders And Awards
- How Much Water Will Kazakhstan’s First Nuclear Power Plant Need For Cooling?
- 149th Place And Five Detained Journalists: What Is Happening To Press Freedom In Kazakhstan
