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DGAP-Regulatory: Kazakhstan Kagazy PLC: KAGAZY RAIDED BY FINANCIAL POLICE

Kazakhstan Kagazy PLC  / Miscellaneous 
 
11.12.2013 17:53 
 
Dissemination of a Regulatory Announcement, transmitted by 
EquityStory.RS, LLC - a company of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
=-------------------------------------------------------------------------- 
 
 
FOR IMMEDIATE RELEASE 
December 11, 2013 
 
KAZAKHSTAN KAGAZY RAIDED BY FINANCIAL POLICE 
 
Almaty, Kazakhstan - December 11, 2013 -  London Stock Exchange listed 
Kazakhstan Kagazy plc (the 'Company' or 'Kagazy'), Central Asia's largest 
producer of paper, corrugated board and packaging, and a leading operator 
of commercial warehousing and industrial infrastructure facilities in 
Central Asia, today announced that its operations in Almaty had been raided 
by the Kazakhstan financial police. 
 
A spokesman for the company described events: 
 
'Inspectors from the financial police arrived simultaneously at the 
headquarters of our paper and logistics businesses, sealed the premises, 
and announced that they will begin removing all documents and questioning 
employees regarding non-specific claims of 'criminal activities and tax 
evasion'. No details of the alleged offences have been provided.' 
 
On November 20th the London High Court upheld a $100 million freezing 
injunction over the assets of the Company's former shareholders, whom the 
Company alleges fraudulently made huge disbursements of funds outside of 
Kagazy's business. Since the injunction was upheld in London, the Kagazy 
group has come under increased scrutiny from state authorities. However, 
today's raid on the business shows a dramatic escalation in the level of 
pressure being applied against the Company. 
 
The Company's CEO, Tomas Mateos Werner, added: 'Since I became a 
shareholder in the Company, all of its activities have been legitimate and 
a culture of sound corporate governance has been established where, 
previously, there had been none. We uncovered convincing evidence of 
criminal actions by the Company's former shareholders, and used this to 
take action against these individuals in London. The London High Court 
agrees that we have shown a good arguable case of fraud by the former 
shareholders. It is disappointing that the Kazakh authorities have 
disregarded our evidence against the former shareholders, and are instead 
pressurising a legitimate business on unsubstantiated grounds. We will take 
all actions necessary to defend our business and our shareholders against 
these actions.' 
 
Kazakhstan, recently ranked 49th in the world in the World Bank's 'Ease of 
Doing Business' survey, has announced its intention to join the WTO. 
However, these developments show that substantial risks still remain for 
foreign investors, as state authorities can clearly still be manipulated to 
suit private interests of local businessmen. 
 
*** 
 
 
 
Contact: 
For further information, please visit www.kazakhstankagazy.com or contact: 
 
      Peter Roberts, Bell Pottinger, +44 207 861 3800 / 
      proberts@bellpottinger.com 
 
      Sarosh Zaiwalla, Zaiwalla & Co 
      +44 207 312 2000 / 
      s.zaiwalla@zaiwalla.co.uk 
 
 
 
11.12.2013 EquityStory.RS, LLC's Distribution Services include Regulatory 
Announcements, Financial/Corporate News and Press Releases. 
Media archive at www.dgap-medientreff.de and www.dgap.de 
 
=-------------------------------------------------------------------------- 
 
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:    1812 
Time of Receipt:    Dec 11, 2013 17:53:15 
 
End of Announcement                       EquityStory.RS, LLC News-Service 
 
=-------------------------------------------------------------------------- 
 

(END) Dow Jones Newswires

December 11, 2013 11:53 ET (16:53 GMT)

© 2013 Dow Jones News
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