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DGAP-Regulatory: Kazakhstan Kagazy PLC: INVESTMENT FUND OF KAZAKHSTAN SUPPORTS KAZAKHSTAN KAGAZY PLC'S £100M LONDON COURT ACTION
Kazakhstan Kagazy PLC / Miscellaneous
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17 February 2014
INVESTMENT FUND OF KAZAKHSTAN SIGNS AGREEMENT OF SUPPORT AND COOPERATION FOR KAZAKHSTAN KAGAZY PLC'S £100M LONDON COURT ACTION
The Investment Fund of Kazakhstan ('IFK') has today announced its support and cooperation for London listed Kazakhstan Kagazy plc's ('KK') London High Court proceedings against several former directors and shareholders. KK has accused Maksat Arip, Baglan Zhunus and Shynar Dikhanbayeva of misappropriating over £100 million in company funds.
The IFK, which is tasked with encouraging the development of industry in Kazakhstan, lends its support after the High Court maintained a GBP £72 freezing order against Mr Arip and Mr Zhunus at the end of November last year, pending a full trial. The IFK has formalized its support for KK in a signed agreement.
Kazakhstan Kagazy's CEO, Tomas Mateos Werner, said:
'The Fund's support vindicates our strategy of doing business in Kazakhstan in an open and accountable way.
A substantial portion of the misappropriated funds were drawn down from Kazakh state-owned banks.
I am pleased that we will now be working together with state-institutions to return these funds to Kazakhstan.'
A spokesperson from the Investment Fund of Kazakhstan said:
'We lend our support and co-operation to Kazakhstan Kagazy as they look to return £100m of allegedly misappropriated assets to Kazakhstan.
If Kazakhstan is to continue to grow and diversify its economy we must send the clear message that we value and support our foreign investment.'
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Notes to Editors:
London Stock Exchange listed Kazakhstan Kagazy PLC is the largest paper, packaging and recycling group in Kazakhstan and Central Asia. The Group also owns industrial real estate through its subsidiary company, PEAK.
'Investment Fund of Kazakhstan' JSC was founded in 2003 in order to realize the strategy of industrial-innovative development of the Republic of Kazakhstan. In accordance with the Fund's development strategy for 2012-2022, its primary activities are supervising projects, restructuring assets, controlling court proceedings, managing distressed assets and consulting activities. The Fund's sole shareholder is 'National Management Holding 'Bayterek' JSC.
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The content of this document includes forward-looking statements. These relate to Kazakhstan Kagazy's future prospects, developments and strategies, including statements regarding target returns. Forward-looking statements are identified by their use of terms and phrases such as 'believe', 'could', 'would', 'envisage', 'estimate', 'intend' 'seek', 'may', 'plan', 'will' or the negative of those, variations or comparable expressions, including references to assumptions. These statements are based on Kazakhstan Kagazy's current beliefs, assumptions and expectations of its future performance, and are subject to risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, these beliefs, assumptions and expectations can change as a result of many possible events or factors that may cause Kazakhstan Kagazy's business, financial condition, liquidity, results of operations and actual returns to vary materially and target returns to be revised from those expressed or implied in the forward-looking statements. None of the data in this statement has been audited and where any reference is made in this statement to the past performance of investments by persons associated with Kazakhstan Kagazy or other investments, you should bear in mind that such information is not necessarily indicative of the future performance of the relevant investments or of Kazakhstan Kagazy's future performance.
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