Company controlled by Chodiev and Mashkevich explains deal with Russian Sberbank

The coal company Shubarkol Komir, which is a subsidiary of the ERG Group controlled by moguls Patokh Chodiev and Alexander Mashkevich, told Kursiv the reason for their big deal with the Russian Sberbank in the middle of August. This deal caused an outcry in the media in Kazakhstan.

«This is not a new deal. This is a restructuring of loans we received earlier; the deal was approved by the regulators. It was carried out in full compliance with the sanction regimes and in accordance with permits/approvals from authorized regulators,» the press service of Shubarkol Komir reported.

Kazakhstani media reported the deal with Sberbank on August 21. Even though there were no details available, the media said that several companies took part in the deal, including Aluminum of Kazakhstan, Sokolov-Sarybai Mining Production Association, Eurasian Energy Corporation, ENRC Credit, Transcom and EKT Holding.

Among the owners of Shubarkol Komir are Eurasian Energy Corporation (48.36%) and SHK Eurasian Holding B.V. (49.88%). Both are part of the ERG Group, which, in turn, is controlled by the Ministry of Finance of Kazakhstan (40%), Alexander Mashkevich, the Ibragimov family (20.7% each) and Patokh Chodiev (18.6%).