Prosecutor's Office Intends to Return Control over The Jusan Group to Kazakhstan
The Bostandyk District Court of Almaty initiated a civil case on the suit of the Almaty prosecutor to invalidate the transaction between Pioneer Capital Invest LLP and Jusan Technologies Ltd aimed at transferring control and withdrawal of assets of First Heartland Jusan Bank JSC as well as related organizations to foreign jurisdiction (hereinafter referred to as the "Jusan" group), the press service of the Prosecutor General's Office reports.
“In the course of the analysis, an opaque scheme was revealed to change the ownership structure of the assets of the Jusan group. The implementation of this scheme led to the gratuitous transfer of control over the group to organizations registered abroad.
In particular, on April 27, 2020, the general meeting of the participants of Pioneer Capital Invest LLP, the owner of the Jusan group, decided to approve the transfer of Pioneer property to the share capital of Jusan Technologies Ltd, registered abroad.
These actions created a threat to public interests, including the interests of tens of thousands of Kazakhstani students and schoolchildren of Nazarbayev University and Nazarbayev Intellectual Schools, one of the sources of funding for which is dividends on shares, bonds and deposits of the Jusan group.
In addition, on February 3, 2023, the Prosecutor General’s Office received an application from the Nazarbayev Fund to take prosecutorial responses to the unlawful actions of a number of entities, as a result of which the Jusan group came under the control of citizens of foreign states.
Thus, the purpose of the prosecutor's office is solely to restore justice and return control over the assets of the Jusan group to the jurisdiction of Kazakhstan.
At the same time, the lawsuit does not directly relate to the work of Jusan Bank and does not in any way limit its current business activities, as well as interaction with customers and business partners of the bank,”
It was noted that regardless of the outcome of the case, Jusan Bank will continue to operate as usual.
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