Regulator Approves Shukhrat Ibragimov as Eurasian Bank Chair

The Agency for Regulation and Development of the Financial Market has approved Shukhrat Ibragimov as Chair of the Bank’s Board of Directors, Orda.kz reports.

The new board also includes Zhanbot Bekenov, Arman Nurushev, and Yerlan Musin.

Ibragimov’s appointment comes amid a conflict among shareholders of the Eurasian Financial Company (EFCO) holding group, which controls the bank. The holding is equally owned by Patokh Chodiev, Ibragimov’s mother Mukadaskhan, and the heirs of Alexander Mashkevich.

Chodiev and Mashkevich had reportedly planned to sell the holding’s assets to Freedom Holding founder Timur Turlov for about $1 billion, but Ibragimov blocked the deal. In September, he won a lower court ruling upholding changes to the bank’s board of directors.

At 39, Shukhrat Ibragimov holds key positions at Eurasian Resources Group Sàrl (ERG), where he serves as both Chair of the Board of Directors and CEO. He is also a member of the Foreign Investors Council under the President of Kazakhstan and serves as President of the International Asian Film Festival in the United States.

Meanwhile, according to the Financial Times, Ibragimov is seeking to buy out Chodiev and Mashkevich’s stakes in ERG, Kazakhstan’s largest mining and metals holding. The outlet has also claimed that investors from China and the United States may join the competition for control of the company’s assets.

Original Author: Alina Pak