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The Investment Fund of Kazakhstan (“IFK”) announced on February 17th 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 million 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.”



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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