Supreme Court Confirms Karazhyra Abused Market Dominance
Photo: Elements.envato.com, ill purposes
The Supreme Court has ruled that JSC Karazhyra abused its dominant position in Kazakhstan’s coal market, siding with the Agency for the Protection and Development of Competition (APDC), Orda.kz reports.
The case stemmed from an APDC investigation, which identified signs of monopolistically high pricing for coal sold to the public for municipal and household use. Analysts concluded that the company had exploited its market dominance to set inflated prices.
Karazhyra challenged the agency’s authority to carry out the investigation.
The company challenged the legality of the investigation, citing the absence of grounds provided for in paragraph 2 of Article 216 of the Entrepreneurial Code of the Republic of Kazakhstan, arguing that the conclusion on the analysis of the commodity market does not contain any signs of setting a monopolistically high price, the department’s statement says.
However, the Supreme Court upheld the agency’s findings, confirming Karazhyra’s monopoly status in the national coal market.
Karazhyra is among the largest coal producers in Kazakhstan, operating a major mine in the Abay region. Major shareholders include oligarchs Eduard Ogay (20.1%), Vladimir Dzhumanbayev (10%), and Yerlan Nigmatulin (10%).
Original Author: Igor Ulitin
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