Kazakh investors challenge rules on squeezing out minority s

Kazakh investors challenge rules on squeezing out minority shareholders


By Reuters Staff
3 Min Read
ALMATY, May 7 (Reuters) - A group of retail investors has mounted a legal challenge to Kazakhstan’s rules on squeezing out minority shareholders in a case that could set a precedent for the oil-rich nation’s equities market.
The investor filed a lawsuit in a local court at the end of April against local financial company Jysan Ventures after it took over telecommunications firm KazTransCom and forced out minority shareholders.
Jysan Ventures has dismissed allegations of unfair practices as “unfounded” and said it abided by the law and bourse rules.
The investors allege the company used vague squeeze-out rules to force them to sell at artificially low prices. The fair price was at least 39% higher, they say, seeking compensation.

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