Backstreet Boys' Almaty Performance Becomes a Major Success
In a significant development, the Specialized Interregional Economic Court of Almaty has made a decision in the long-standing dispute over the participation in Eurasian Financial Corporation (EFK) between Patokh Chodiev and Shukhrat Ibragimov. The court ruling, handed down in 2023, favors Chodiev regarding his stake in the company.
EFK, a conglomerate consisting of Eurasian Bank, Eurasian Insurance Company, and the broker Eurasian Capital, is equally owned by Chodiev, Mukadas Khan (Shukhrat Ibragimov's mother), and the heirs of Alexander Mashkevich, who passed away in March 2025.
The court order enforces decisions of EFK's board of directors dated June 2 and July 30, 2025. However, the nature of these decisions and the disputes they entail remain undisclosed.
Chodiev sought to declare certain decisions of EFK's board of directors invalid and recover millions of tenge from the company as compensation for alleged moral damage. Ibragimov, on the other hand, blocked the shareholders' meeting three times, supporting the decisions of the board of directors.
Notably, the court recognition of the Eurasian Bank board does not imply a change in ERG's shareholders or the involvement of foreign investors, as previously reported by Forbes.kz.
In addition to Chodiev's lawsuit, Munisa Chodiyeva's lawsuit has also been dismissed. Furthermore, the appointments of Inessa Kim and Zhanbot Bekenov to management positions in EFK have been nullified. However, the reasons behind these nullifications remain unspecified in the court ruling.
The board of directors of Eurasian Bank includes Shukhrat Ibragimov, Vitaly Repey, Arman Nurushev, Yerlan Musin, and Zhanbot Bekenov. Ibragimov assumed leadership of ERG in October 2024, following the departure of Alexander Mashkevich and Patokh Chodiev from the board in July 2024.
Plans for Mashkevich and Chodiev to sell EFK's assets to Timur Turlov were reported in the media, but Ibragimov has since blocked this deal.
This ruling marks a significant turn in the ongoing saga of EFK's governance and ownership, with the court siding with Chodiev in the dispute. Further developments are expected as the parties involved navigate the implications of this decision.
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