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Kazakhstan paper producer Kagazy freezes former managers' assets

09 august 2013, 19:34
0
Baglan Zhunussov. Photo coutresy of kig.com.ua
Baglan Zhunussov. Photo coutresy of kig.com.ua
The assets of two former heads of Kazakhstan Kagazy have been frozen all over the world. The company managed to secure the order freezing request over alleged misappropriation of 150 million dollars by the two directors, Financial Times writes.

According to Kazakhstan Kagazy, the worldwide order was issued for the company’s former chairman Baglan Zhunussov and former executive director Maksat Aripov “to recover misappropriated funds”. The mover “signals the importance of defending the reputation of Kazakhstan”, the company said it in statement.

“Forensic analysis by the board and their appointed advisers has discovered that a sum of approximately $150m was extracted from the company and channeled into separate businesses outside of the Kazakhstan Kagazy Group,” the company's statement said.

The company also plans to inform the police and the Serious Fraud Office about the case. The British authority is already investigating activities of Eurasian Natural Resources Corp accused of fraud.

Aripov is the founder and former chairman of the oil company Exillon Energy. He recently announced plans to purchase 70 percent of the company’s free floating shares.

In 2012 British financial regulator fined Exillon 293 thousand pounds for failing to disclose information on the agreement with Aripov used by the company to cover the businessman’s expenses, in particular travel and tuition of his children. The company then deducted the costs from his salary. The regulator did not accuse Aripov of any violations.

All of the mentioned companies - Kazakhstan Kagazy, Eurasian Natural Resources Corp, Exillon Energy are London-listed.

Kazakhstan Kagazy JSC is a Kazakhstan-based company that specializes in the production and distribution of paper products, logistics services and real estate development.

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