The trial of the fraud claims brought by members of Kazakhstan Kagazy Group (the “Claimants”) against the Claimants’ former directors, Maksat Arip and Shynar Dikhanayeva (the “Defendants”), commenced in the London High Court in April this year and ended on July 20, 2017. Judgment is expected not earlier than November 2017.
The claims were commenced in August 2013, when the Claimants’ obtained a worldwide freezing order against Mr Arip’s assets. This order remains in place against Mr Arip’s worldwide assets up to the value of GBP72,000,000, while the claims against the Defendants currently stand at over US$260,000,000. The freezing order will be maintained until the conclusion of trial. The Defendants deny any wrongdoing, and are contesting the claims.
The Claimants’ current management team, together with their legal advisers, are trying to recover funds that were allegedly syphoned-off from the Claimants by the Defendants between 2005 and 2009. The allegedly stolen funds were provided by Kazakh banks, pension funds and investors, and international investors in the London Stock Exchange listing of Kazakhstan Kagazy PLC.