Kaspi founders swap their shares in the company

Mikhail Lomtadze, CEO and co-founder of Kaspi has bought two million shares of the company from another stockholder Vyacheslav Kim. As a result, Lomtadze is the second largest stockholder after Baring Vostok, according to the company’s data from January 1, 2023.

According to KASE, Lomtadze’s share in Kaspi increased from 23.42% to 24.55%, while Kim’s share declined from 24.26% to 23.35%.

These changes followed the deal between the two major Kaspi stockholders on December 22, 2022. At the time, Lomtadze bought 1.94 million GDR of the company from Kim. Given the average price of $69.10 per common share, the total amount of the deal might be about $134 million.

At the same time, the Baring Vostok Private Equity Funds also increased its share from 28.67% to 28.8%.

In 2006, the private equity firm founded by Michael Calvey acquired the controlling stake of Kaspi. Mikhail Lomtadze, a Baring Vostok’s partner, has worked as CEO of the bank since 2007.

In December 2022, the Russian RBK reported that the investment firm is going to split its assets into two different parts. Stakes in foreign companies like Kaspi.kz, BlaBlaCar and Kolesa.kz will be controlled by Baring Private Equity under the supervision of foreign managers including Calvey. On the other hand, Vostok Investments under Elena Ivanshentseva‘s leadership will run all the group’s assets in Russia. No changes in portfolio companies are expected.

In February 2019 Michel Calvey was detained by police in Moscow. Right after the arrest, Kaspi said that the detention of the fund’s founder should not affect the bank’s operation. In August 2021, Calvey was sentenced to 5.5 years of probation for the alleged misappropriation of $36 million.

Calvey was banned from leaving his home at night, using the internet, visiting the Vostoshny Bank and the First Collection Bureau and talking to other figures of his criminal case. Calvey was also not allowed to leave Russia over the next five years. However, in January 2022, the court of cassation lifted many of these proscriptions.

In May 2022, Bloomberg reported that the investor left Russia and has no plans to come back to this country, citing sources familiar with the case.

The Kaspi Group was established in October 2008 and registered as a legal firm called Asian Advisers. In September 2014, the company was re-registered as Kaspi LLP.