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DGAP-UK-Regulatory: Kazakhstan Kagazy PLC: London's High Court freezes assets of former directors of Kazakhstan Kagazy
Kazakhstan Kagazy PLC / Miscellaneous
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London, November 21 2013
London's High Court orders £72 million worldwide freezing order on former directors of Kazakhstan Kagazy
Subsidiaries of the London listed Kazakhstan Kagazy Plc, have maintained a worldwide freezing injunction against two former directors in a high court hearing yesterday.
The hearing, against former shareholder and director, Maksat Arip, will see a worldwide freezing injunction of around £72 million remain in place until a date when Kazakstan Kagazy's $100 million fraud claim against Mr Arip and his former associate and co-defendant Baglan Zhunus can be set.
The injunction was first obtained in August 2013 on an interim basis, after Kazakhstan Kagazy discovered that sums had been channelled into businesses with connections to the defendants. During proceedings, Mr Arip accepted that Kazakhstan Kagazy had made a good, arguable case in relation to two serious frauds. Judge Mackie QC noted that although the frauds were generally denied, 'one might have expected Mr Arip to indicate how this is all a misunderstanding', concluding that 'on the material available [Kazakhstan Kagazy] do have a much better argument'.
The English High Court refused Mr Arip's application to appeal against the judgement at this stage.
A spokesperson from Kazakhstan Kagazy said:
'Clearly, we are pleased with the Court's decision.
'The freezing order signals the importance of defending the reputation of
Kazakh businesses and the efforts of their hard-working employees.
'The Kazakhstan Kagazy Board feel that the injunction is a vital step in
committing to the highest standards in propriety and corporate governance
for both the business and the country. We will continue to pursue this
claim with vigour to prove these frauds and take all available steps to
recoup the millions that have been wrongly extracted from the Kazakhstan
Kagazy Group.'
Sarosh Zaiwalla, Senior Partner at Zaiwalla & Co, Kazakhstan Kagazy's
Solicitors said:
'This ruling very much vindicates our client's decision to initiate a
freezing injunction in the first place.
'Work is certainly not finished, but we can now look ahead with confidence
to the trial.'
Note to Editors:
Kazakhstan Kagazy Plc is one of the leading industrial groups in Kazakhstan
traded on the London Stock Exchange. Founded in 2001, Kazakhstan Kagazy Plc
is the largest producer of paper and packaging out of recycled waste paper,
as well as the leading logistics operator and industrial developer in
Kazakhstan and Central Asia.
Contact:
For further information, contact:
Peter Roberts, +44 (0)207 861 2513 or
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Ben Robinson, +44 (0)207 861 3829 or
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21.11.2013 EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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