Samruk-Kazyna Seeks to Reassure Investors

Following the scandal over Zhakupov’s detention

Samruk-Kazyna Sovereign Wealth Fund has issued an official statement following the high-profile detention of its Chairman of the Management Board, Nurlan ZHAKUPOV.

The fund said that it and its subsidiaries continue to operate as usual.

“All obligations to investors, creditors, international financial institutions and business partners remain in force and are being fulfilled in accordance with the terms of existing agreements. The fund’s investment projects and strategic programmes continue to be implemented in line with approved plans. The fund maintains its financial and institutional stability,” the Samruk-Kazyna Sovereign Wealth Fund said in a statement.

The fund’s statement makes no mention of national railway company Kazakhstan Temir Zholy (KTZ), whose head, Yelzhas OTYNSHIEV, was also detained alongside Zhakupov. Meanwhile, Samruk-Kazyna is KTZ’s sole shareholder.

In an apparent effort to reassure investors, the joint-stock company also emphasised its “unwavering commitment to its obligations and long-term cooperation with all partners”.

The detention of the senior management of Samruk-Kazyna and KTZ has become the most high-profile event of the week.

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