Kazakhstan returned Jusan Bank to its jurisdiction, KazTAG agency reports with reference to the Ministry of Justice of Kazakhstan.
“In 2021, as a result of planned actions, the Jusan group, which includes Jusan Bank and a number of other large assets in the telecommunications, agricultural and other industries, was transferred to a foreign jurisdiction. The government of Kazakhstan has effectively lost control over the group. As a result of the measures taken by the Ministry of Justice of the Republic of Kazakhstan, together with other state bodies, it was possible to return the Jusan group to Kazakhstani jurisdiction,” the ministry said in a statement.
It was not possible to do this without a serious struggle. Nevada-based Jysan Holding, LLC (“Jysan Holding”) and its English subsidiary Jusan Technologies, Ltd filed a lawsuit in Nevada federal district court against Kazakhstan in February. The entities accused the Kazakh government of conducting a campaign of intimidation to seize control of more than $1.5 billion in Kazakhstani assets of companies. However, the Kazakh authorities said they did not receive any documents related to the lawsuit.
“The Group will operate in accordance with Kazakhstani legislation, under the control of the government and other state structures. Jusan Bank assumed obligations to continue financing Kazakh educational organizations. The state aid previously received by the bank will be returned ahead of schedule. The implementation of the instructions of the head of state on the return of withdrawn assets will continue,” the Ministry of Justice of Kazakhstan emphasizes.
CentralasianLIGHT.org
June 15, 2023