Shukhrat Ibragimov is in talks to buy out the families of the original founders of Eurasian Resources Group, one of Kazakhstan’s largest mining companies, the FT reported on May 21.
Ibragimov is chairman and CEO of the company and holds a 20.7% stake in the company. He reportedly offered around $1.8 billion to buy out both Patokh Chodiev and Alexander Mashkevitch’s family, who own 18.6% and 20.7% respectively.
Reached by Vlast, the company did not comment on the matter, stating that “it is not the position of the company to comment on shareholder-level discussions.”
Ibragimov’s father Alijan, Mashkevitch, and Chodiev founded the company in the 1990s and were collectively known as the “Eurasian Trio”. Mashkevitch died in London on March 22, while Ibragimov died from COVID-19 complications in February 2021.
Kazakhstan’s government owns 40% of the company.
Registered in Luxembourg but operational in a number of countries, including Brazil and South Africa, ERG has a troubled history of corporate governance.
The group listed ENRC, a branch of ERG, in the London Stock Exchange for a few years, before delisting in late 2013 over concerns regarding corporate oversight.
Last month, Reuters reported that US Businessman James Cameron allegedly offered $5 billion to buy ERG. Ibragimov immediately denied the rumors in a press release.
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