KAZAKHSTAN KAGAZY PLC
("Kazakhstan Kagazy" or the "Company")
Statement re. Court Order
Further to the Company’s previous announcements regarding its claims against the Company's former directors and shareholders, Maksat Arip and Baglan Zhunus, for misappropriation of the Company’s funds, the Company provides the following update.
The parties have agreed an order for the Company and other claimants to increase the fortification of the cross-undertaking in damages provided in the freezing order from £100,000 to £500,000, and for security in the amount of £1,250,000 to be provided in relation to the potential legal costs of Maksat Arip and Shynar Dikhanbayeva up to and including the disclosure stage of the proceedings.
The Company and other claimants are required to provide these amounts in instalments of £250,000 by 30 June 2015, £500,000 by 31 July 2015, £500,000 by 31 August 2015 and £400,000 by 30 September 2015.
The order also provided for miscellaneous directions relating to case management. The case is likely to return before the court to deal with further procedural matters in October 2015.
For more information please contact:
Kazakhstan Kagazy PLC
Hugh McGregor
General Counsel and Company Secretary
+ 7 (727) 244 87 87
Daniel Stewart & Company PLC
David Coffman / Liz Kirchner (Financial Adviser) / Martin Lampshire (Broker)
Tel +44 (0) 20 7776 6550
About Kazakhstan Kagazy PLC
London Stock Exchange listed Kazakhstan Kagazy PLC is the largest paper, packaging and recycling group in Kazakhstan and Central Asia.