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In the world of international business, the Eurasian Resources Group (ERG) has been making headlines due to a series of events involving its shareholders.
The Almaty Specialized Interregional Economic Court has recently made several significant decisions regarding ERG. The court recognised the legitimacy of the formation of Eurasian Bank's board of directors, which includes Shukhrat Ibragimov, Vitaly Repey, Arman Nuruchev, Yerlan Musin, and Zhanbot Bekenov. However, the court did not recognise the decisions of the board of directors as invalid, and it has obliged Eurasian Bank to execute the decisions from June 2, 2025, and July 30, 2025.
Ibragimov, as the head of ERG, has been a central figure in these events. He has blocked the shareholders' meeting three times, defending the decisions of the board of directors. This move comes after the appointments of Inessa Kim and Zhanbot Bekenov to leading positions in EFK were annulled.
The conflict within ERG traces back to March 2025, following the death of Alexander Mashkevich, a significant shareholder. The dispute involves Mashkevich's heirs, Patokh Chodiev, his daughter Munisa Chodieva, and businessman Shukhrat Ibragimov. Chodiev demanded the cancellation of the board's decisions and the convening of an extraordinary shareholders' meeting, but his lawsuit was dismissed. Similarly, Munisa Chodieva's lawsuit was also dismissed, and no compensation was awarded to either of them for alleged moral damage.
Forbes.kz has discussed potential foreign investors involved in changes to ERG's shareholding, such as Israeli billionaire Dan Gertler and his affiliated offshore companies like Emerald Star Enterprises Limited and Rowny Assets Limited. These entities have a history of acquiring stakes in mining assets connected to the region.
Notably, plans for Mashkevich and Chodiev to sell EFK's assets to Timur Turlov were reported, but these plans have now been blocked by Ibragimov. As of October 2024, Ibragimov took over as head of ERG, following the departure of Mashkevich and Chodiev from the board of directors in July 2024.
EFK, which consists of Eurasian Bank, Eurasian Insurance Company, and Eurasian Capital, is equally owned by Patokh Chodiev, Mukadas Khan (the mother of Shukhrat Ibragimov), and the heirs of Alexander Mashkevich.
Alexander Mashkevich passed away on March 22, 2025, at the age of 72. The ongoing conflict within ERG continues to unfold, with Ibragimov at the helm, as the company navigates through these challenging times.
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