A corporate conflict is intensifying in Kazakhstan over control of the Eurasian Financial Company (EFCO), which owns Eurasian Bank and Eurasia Insurance Company. Mounissa Chodieva, daughter of Eurasian Resources Group (ERG) co-owner and EFCO shareholder Patokh Chodiev, has joined a growing legal battle involving top figures connected to the firm.
In late July, EFCO filed a counterclaim against two members of its board of directors — Shukhrat Ibragimov, son of the late tycoon Alijan Ibragimov and CEO of ERG, and Andrei Kopov — according to case files published on the Supreme Court’s Office.sud.kz portal.
The counterclaim follows an earlier lawsuit filed by Shukhrat Ibragimov, who asked the court to validate the board decisions made on June 2, 2025, and compel EFCO to implement them. The specific decisions in question have not been disclosed in public sources.
In its response, EFCO asked the court to declare the actions of Ibragimov and Kopov unlawful and to invalidate the board’s decisions.
Separately, Patokh Chodiev also filed suit demanding that the June board decisions be nullified and that an extraordinary general shareholders’ meeting be held. However, on July 11, the court denied his request for interim measures, citing concerns that such action could paralyze the company’s operations.
Now, Chodiev’s daughter Mounissa has entered the fray. In late July, she filed her own lawsuit against EFCO, Ibragimov and Kopov, similarly calling for the board’s actions to be deemed illegal. The court has since consolidated all three cases into a single proceeding.
The dispute between the Chodiev and Ibragimov families has been brewing since early 2025. Chodiev and his fellow shareholder, the late Alexander Mashkevich, had reportedly planned to sell EFCO, a move opposed by Ibragimov. Using legal channels, Ibragimov successfully blocked several shareholders’ meetings where the company’s future was to be decided.
According to Kazakhstan’s official eGov.kz database, EFCO is currently owned by Mukadaskhan Ibragimova, the widow of Alijan Ibragimov; Patokh Chodiev; and the estate of Mashkevich, who passed away on March 22, 2025.
