Shukhrat Ibragimov Denies Sale of ERG Assets

Following the death of one of its founders, Alexander Mashkevich, the company’s shareholders have found themselves at the center of a growing conflict that has now escalated into a legal battle for control over the group’s assets. Billionaire Shukhrat Ibragimov spoke about the disputes and addressed rumors surrounding a potential sale of ERG’s holdings, Orda.kz reports.

In September, it emerged that Shukhrat Ibragimov had won a court case against fellow shareholders. The Almaty Economic Court fully dismissed a lawsuit filed by Patokh Chodiev, who owns one-third of the company. The court ruled that ERG must comply with board resolutions dated June 2 and July 30, 2025, and confirmed the legality of forming a new board of directors at Eurasian Bank.

The corporate conflict involves three major figures — 72-year-old Patokh Chodiev, his daughter Mounissa Chodieva, and Ibragimov himself. The ruling strengthened Ibragimov’s position and reaffirmed his influence within the group’s financial arm.

Sale or Psychological Play?

Rumors have been swirling online — from talk of a mysterious U.S. investor to behind-the-scenes negotiations about stake sales. But ERG’s head, Shukhrat Ibragimov, keeps his response short and calm: “Time will tell.” He made the comment in an interview with Forbes, hinting that the process may be underway, though not yet ready for public discussion.

While insiders continue speculating about possible deals, Ibragimov stated clearly:

Neither ERG nor any of its assets — in Kazakhstan or Africa — are up for sale, and no negotiations are taking place. All this talk about potential deals is nothing but speculation. It comes from different directions, and I don’t care who’s behind it. What I do know is that I have both the determination and the resources to continue developing the company, launching new operations, and investing in the future.

What’s Happening with ERG and The Bank?

Ibragimov also firmly denied rumors about selling Eurasian Bank or other financial assets of the group.

There are no plans to sell — not the bank, not the insurance company, nor the financial group as a whole. he said.

My lawsuits concerned management only. Disputes happen in any corporate environment — everyone has their own vision. But the company and the bank continue to operate and grow. It doesn’t affect day-to-day business, he emphasized.

The facts back up his words: in recent years, ERG has increased investment in Kazakhstan by 40%.

Among its flagship projects:

• ERG Green — a $200 million tailings recycling facility in Khromtau
• Bolashak mine — $2 billion in investment and a global record for ferrochrome production
• Wind power plant in Aqtobe Region — $160 million, set to launch in 2025

It appears ERG and its assets aren’t being sold. Ibragimov isn’t retreating — he’s doubling down. And his cryptic phrase, “time will tell,” now sounds more like a challenge to those who rushed to divide ERG’s empire.

Earlier, Orda.kz reported that Eurasian Resources Group, led by Shukhrat Ibragimov, signed a three-year agreement with Switzerland’s Mercuria Energy Group. The deal involves raising up to $100 million to expand ERG’s African operations, with the funds directed toward increasing production capacity and developing new projects across the continent.

Original Author: Alina Pak