Kazakhstan Kagazy PLC
Kazakhstan Kagazy PLC: INVESTMENT FUND OF KAZAKHSTAN SUPPORTS KAZAKHSTAN KAGAZY PLC’S £100M LONDON COURT ACTION

Kazakhstan Kagazy PLC  / Miscellaneous

17.02.2014 10:01

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17 February 2014  

INVESTMENT FUND OF KAZAKHSTAN SIGNS AGREEMENT OF SUPPORT AND COOPERATION
FOR KAZAKHSTAN KAGAZY PLC'S £100M LONDON COURT ACTION

The Investment Fund of Kazakhstan ('IFK') has today announced 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
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.'

---ENDS---

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.

***

The content of this document includes forward-looking statements. These
relate to Kazakhstan Kagazy's future prospects, developments and
strategies, including statements regarding target returns. Forward-looking
statements are identified by their use of terms and phrases such as
'believe', 'could', 'would', 'envisage', 'estimate', 'intend' 'seek',
'may', 'plan', 'will' or the negative of those, variations or comparable
expressions, including references to assumptions. These statements are
based on Kazakhstan Kagazy's current beliefs, assumptions and expectations
of its future performance, and are subject to risks and uncertainties
because they relate to events and depend on circumstances that may or may
not occur in the future. Accordingly, these beliefs, assumptions and
expectations can change as a result of many possible events or factors that
may cause Kazakhstan Kagazy's business, financial condition, liquidity,
results of operations and actual returns to vary materially and target
returns to be revised from those expressed or implied in the
forward-looking statements. None of the data in this statement has been
audited and where any reference is made in this statement to the past
performance of investments by persons associated with Kazakhstan Kagazy or
other investments, you should bear in mind that such information is not
necessarily indicative of the future performance of the relevant
investments or of Kazakhstan Kagazy's future performance.




Contact:
Mr. Sadyr Shaguzhayev                                 +7 727 244 87 77
Head of Investor Relations         ir@kagazy.kz

                                                                    
Mr. Malik Kushmukhanov                 +7 727 312 02 85
Press Service      press@kagazy.kz



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Language:           English
Company:            Kazakhstan Kagazy PLC
                    33-37 Athol Street
                    IM1 1LB Douglas
                    Isle of Man
Phone:              +7-727-244-87-87
Fax:                +7-727-244-87-82
E-mail:             ir@kagazy.kz
Internet:           www.kazakhstankagazy.com
ISIN:               US48667M2035
Listed:             London
Category Code:      MSC
TIDM:               KAG
Sequence Number:    1908
Time of Receipt:    Feb 17, 2014 10:01:06
 
End of Announcement                       EquityStory.RS, LLC News-Service
 
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