Kazakhstan has received $365 million in dividends from Eurasian Resources Group (ERG) that had been frozen in Luxembourg, Finance Minister Madi Takiyev said at a recent government briefing.
«This year, we received $365 million in dividends for previous years,» Takiyev said. «For 2024, the financial statements have just been completed; I haven’t seen the results yet. We’ll review those next year. But for 2021-2022, we received our money. They were unblocked.»
ERG’s ownership is split among the Ministry of Finance of Kazakhstan (40%), the heirs of the late Alexander Mashkevich and the Ibragimov family (20.7% each), and Patokh Chodiev (18.6%). The Ibragimov family ranks seventh on Forbes’ list of the richest people in Kazakhstan, with an estimated fortune of $2.06 billion.
In 2024, ERG posted its largest loss since delisting from the London Stock Exchange more than a decade ago. The company reported a $1.2 billion loss, 27.3 times higher than the $44 million loss in 2023.
The frozen dividends stemmed from a 2017 lawsuit filed in Luxembourg by businessmen Anatolie and Gabriel Stati. The court ruled in their favor, leading to the seizure of $48 million in Kazakhstan’s ERG dividends and 40% of the country’s stake in the company, valued at about $400 million. Funds from the National Fund, Kazakhstan’s sovereign oil fund, and dividends from Samruk-Kazyna’s stake in KMG Kashagan B.V. were also frozen.
In May 2025, media reports said the Luxembourg court lifted restrictions on the state’s ERG shares and all related dividends following a settlement of the dispute with the Stati parties.
