Prominent Businessman Alexander Mashkevich Passed Away at 71

Businessman and co-owner of ERG and Eurasian Bank, Alexander Mashkevich, passed away at 71 this past weekend. Orda.kz recalls his legacy in Kazakhstan’s economy.

Born on February 23, 1954, in Frunze (now Bishkek), Mashkevich was known as a gifted child. He earned a PhD in pedagogy and psychology from Kyrgyz State University, becoming the youngest PhD holder in the USSR.

Though he initially worked at the university, his entrepreneurial instincts eventually took over.

Mashkevich began his business ventures in Kyrgyzstan, but his rise came in Kazakhstan. In 2023, Forbes.kz ranked him sixth among Kazakhstan’s “50 Most Influential Businessmen,” estimating his wealth at $3.7 billion.

Shareholder and Chair of the Board of Directors of Eurasian Resources Group (ERG), which he owns jointly with Patokh Shodiev, the Ibragimov family and the Government of the Republic of Kazakhstan. The group includes TNC Kazchrome, Sokolovsko-Sarbay Mining and Processing Production Association, Aluminum of Kazakhstan, Kazakhstan Electrolysis Plant, etc. Jointly with Shodiev and the Ibragimovs, he owns JSC Eurasian Financial Company, JSC Eurasian Industrial Company and LLP Eurasian Production Company,
 Forbes noted.

Mashkevich’s empire was born in the 1990s, growing alongside Kazakhstan’s first president, Nursultan Nazarbayev. Things shifted with the January Events. Forbes described his presence at a 2022 meeting with President Toqayev and top businessmen:

Alexander Mashkevich was perhaps the only non-citizen of the Republic of Kazakhstan among the couple dozen invitees (he had exchanged his Kazakh passport for an Israeli one 15 years ago). But he sat in the front row next to Vladimir Kim, Bulat Utemuratov and Timur Kulibayev. In 'status civilizations' like ours, this has a certain significance: perhaps the organizers wanted to emphasize the importance of the ‘old guard’ and heavy industry.

Aqorda's spokesperson, Ruslan Zheldibay, has issued public condolences.

Political analyst Daniyar Ashimbayev also commented:

Alexander Mashkevich has passed away — a once iconic figure in our economic and political history. Associate professor at the Pedagogical Institute. Participant in the scandal with the export of Kyrgyz gold in 1993. The first high-profile privatizations of 1994–1995 are associated with his name. Frontman of the Eurasian Group... Founder of the Jewish Congress of Kazakhstan. The first official billionaire according to Forbes in 2005 with his partners Shodiev and Ibragimov... Of the ‘Eurasian Troika,’ only Patokh Shodiev remains.

Mashkevich often appeared in the media spotlight. Orda.kz previously reported on an investigation by South African intelligence into the suspicious death of a geologist and ERG's African business interests.

Eventually, Mashkevich withdrew from public life. As Kursiv notes, he disappeared from the global Forbes billionaire list after 2020, and from Kazakhstan’s list of influential businessmen by 2024. Nevertheless, he retained his ERG stake and influence in the metallurgical industry.

Kursiv also reports that his passing coincides with a reported shareholder dispute within EFK. Shukhrat Ibragimov, son of the late Alijan Ibragimov, reportedly opposed a sale potentially involving Timur Turlov’s Freedom Holding Corp., which had offered nearly $1 billion.

Alexander Mashkevich will be laid to rest in London, according to KazTAG.

Alexander Mashkevich’s death marks the end of an era. Orda.kz extends its condolences to his family and loved ones. 

Original Author: Dmitry Kim