Tag Archives: Kazakhstan

US freezes Kazakh businessman’s assets

MAY 6 2016 (The Conway Bulletin) – A US court froze a $21m payment that Kazakh businessmen Mukhtar Ablyazov and Viktor Khrapunov had sought from the sale of their stakes in Chetrit’s Flatotel, a hotel located in New York City. In 2013, French police arrested Ablyazov, charging him with embezzlement. Courts in Kazakhstan, Switzerland and the US have opened investiga- tions into corruption allegations aimed at Khrapunov when he was mayor of Almaty between 1997 and 2004.

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(News report from Issue No. 280, published on  May 13 2016)

 

Stock market: Central Asia Metals, KAZ Minerals

MAY 13 2016 (The Conway Bulletin) – Copper prices dipped below the psychological threshold of $2/lb in mid January, for the first time since 2009, and it has bit of a roller-coaster ride since.

Shares of Central Asia Metals and KAZ Minerals, two Kazakhstan– focused producers, have followed copper’s ups and downs.

As shown in the graph above, shares in KAZ Minerals, which mines copper in northern and eastern Kazakhstan, have fluctuated more dramatically with copper prices.

Shares in Central Asia Metals, have been more stable.

With copper prices now sliding back towards $2/lb, share prices for both Central Asia Metals and KAZ Minerals are falling. This week, they were down 5.3% and 9% respectively.

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(News report from Issue No. 280, published on  May 13 2016)

 

Orsu reveals Q1 results in Kazakhstan

MAY 12 2016 (The Conway Bulletin) – Toronto-listed miner Orsu Metals lost $437,000 in the first quarter of 2016, cutting its losses by around 50% from the same period last year. Most of the company’s losses are now booked for “assets held for sale”. Last month, Orsu agreed to sell its Karchiga and Kogodai mines in Kazakhstan to UAE-registered Karasat Trading for around $10m. After announcing the sale, Orsu de-listed from London’s AIM.

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(News report from Issue No. 280, published on  May 13 2016)

 

China states farming deal with Kazakhstan

MAY 9 2016 (The Conway Bulletin) – Chinese companies said they will invest around $1.9b in Kazakhstan’s agriculture sector over the next few years, in an effort to boost trade and cooperation through its Silk Road Initiative. Gulmira Isayeva, Kazakhstan’s deputy minister of agriculture, told the FT that Chinese investment will help increase domestic production.

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(News report from Issue No. 280, published on  May 13 2016)

Kazakh leader sets up new ministry of information

ALMATY, MAY 12 2016 (The Conway Bulletin) — A new information ministry announced last week by Kazakh President Nursultan Nazarbayev will likely act as a censor and increase government control over the media, journalists and analysts said.

Mr Nazarbayev announced the Soviet-sounding ministry of information at the same time as he said that planned reforms to the land code would be postponed after they sparked a series of protests across the country.

He blamed a lack of public information about the reforms for the protests and said the new ministry would ease the flow of information from government to the people.

Political analyst Aidos Sarym said he thought that Mr Nazarbayev had been genuinely concerned his land reforms plans had been misunderstood.

“Authorities think that protests are just lack of communication. They think that if they will explain ‘properly’ to people, people will take it,” he said. “Nazarbayev understands that he lost his connection to the majority of population.”

But in an opinion piece on Radio Free Europe/Radio Liberty’s Russian language website, reporter Svetlana Glushkova said that the government would try to use the new ministry to control social media, one of the few places where some form of free speech still exists in Kazakhstan, more tightly.

“I think the new ministry will increase control over social media, at first. Now you cannot see it [free speech] in TV or newspapers so the real resentment of the people, you will find it only on social media. The truth is there,” she said.

Kuralay Abylgazina, a journalist for a local news agency, agreed. She told the Bulletin that protests against the land reforms had worried the government.

“As of now, the ministry will most likely control content only from government media, but in future it will initiate some laws to regulate press freedom in the country,” she said. “And then we will see if this new government organ is a ministry of censorship.”

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(News report from Issue No. 280, published on  May 13 2016)

Leak shows Kazakh Pres. daughter owned stake in offshore company

ALMATY, MAY 9 2016 (The Conway Bulletin) — Dariga Nazarbayeva, eldest daughter of Kazakh president Nursultan Nazarbayev, owned a stake in an offshore company registered in the British Virgin Islands, a massive leak of data from a law firm in Panama showed.

The company called Asterry Holdings ltd was registered in the BVI in Sept. 2007 and struck off nearly five years later. Its offices were registered in Liechtenstein. It is unclear what assets the company ever held.

The revelation, though, is the second time that Kazakhstan’s ruling family has appeared in the Panama Papers. Ms Nazarbayeva’s son Nurali Aliyev, was revealed earlier this year to be the owner of a yacht and two other companies registered in BVI by Panama based Mossack Fonseca law company a the centre of the leak.

Both Ms Nazarbayeva and Mr Aliyev have high profiles in Kazakhstan. Ms Nazarbayeva is a deputy PM and has been spoken of as a future Kazakh president.

Mr Aliyev had been the deputy mayor of Astana until he quit abruptly in March so that he could concentrate on what he described as his business interests.

But with the economic outlook in Kazakhstan worsening, inflation rising and people losing their jobs, Mr Nazarbayev is treading carefully.

He is increasingly aware that he, his family and their supporters among the elite have to avoid being seen as excessively privileged and out-of-touch with ordinary people who have been struggling to survive what has become an increasingly tough and drawn out economic downturn.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 280, published on  May 13 2016)

Kazakh businessman buys mall

MAY 11 2016 (The Conway Bulletin) – Kazakh businessman Kairat Boranbayev said he had bought a 50% share in Capital Partners, a holding company that owns Almaty’s Esentai Tower and Mall. Mr Boranbayev, who also owns the Kairat football club and the McDonald’s franchise in Kazakhstan, jumped to 15th place in Forbes’ ranking of Kazakhstan’s richest people this year, with a net worth of $350m. His daughter, Alima, married Kazakh President Nursultan Nazarbayev’s grandson, Aisultan, in 2013.

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(News report from Issue No. 280, published on  May 13 2016)

 

Kazakh PM approves land reform commission

MAY 12 2016 (The Conway Bulletin) – Kazakh PM Karim Massimov approved the members of a newly- established commission that will discuss reform of the land code. Bakhtyzhan Sagintayev, vice PM will head the commission which includes politicians, businessmen and members of civil society. The proposed amendments to the land code triggered weeks of protests throughout Kazakhstan and forced Pres. Nursultan Nazarbayev to delay introducing them.

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(News report from Issue No. 280, published on  May 13 2016)

Kazakhstan announces plans on green energy

MAY 10 2016 (The Conway Bulletin) – In a statement to the UN, Kazakhstan announced plans to generate 50% of its electricity from alternative energy sources by 2050. This is an ambitious target. In 2014, renewable sources accounted for just 0.5% of production. The Kazakh government often lays out grandiose plans for its economic development. Green energy is the dominant theme of EXPO 2017, a major exhibition scheduled for next year in Astana.

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(News report from Issue No. 280, published on  May 13 2016)

Danish company wins Kazakhstan’s oil contract

MAY 12 2016 (The Conway Bulletin) – Denmark’s oil service company Blue Water Shipping said it had won a contract worth around $350m to build 15 new module carrying vessels for Kazakhstan’s main oil producer, Tengizchevroil. Norway’s VARD and Dubai-registered Topaz Energy & Marine will be part of the Blue Water-led consortium, which will deliver the 15 vessels by the end of 2021.

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Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 280, published on  May 13 2016)