Kazakh prosecutors have filed a lawsuit seeking to nullify the transfer of a local bank's ownership from ex-president Nursultan Nazarbayev's non-profit foundation to a foreign company, they said on Thursday.
The foundation established by Nazarbayev, who ran the oil-rich Central Asian nation for three decades until resigning in 2019, used to own Jusan BankBut according to a statement by the prosecutor general's office, the company through which the foundation owned the bank transferred its shares to Jusan Technologies, a British company, in 2020, "endangering public interest".
Jusan Technologies' parent company, Nevada-based Jysan Holding, in a separate statement on Thursday said it has filed a lawsuit in a federal district court in Nevada against the Kazakh government, accusing it "of engaging in a campaign of fear and intimidation in order to seize control of the companies' Kazakhstan-based assets worth more than $1.5 billion".
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