Kazakhstan - 02

Kazakhstan: The Challenges for Reforms at KMG

On 27 April the KMG EP board of directors significantly reshuffled the board of the company’s EMG subsidiary. According to Horizon contacts, current KMG EP CEO Kurmangazy Iskaziyev, who is also the acting CEO of EMG, initiated the move with his allies in the parent company to remove the remnants of the old team – especially the figures close to former KMG EP CEO Abat Nurseitov. In our view, a new key figure is Zhannat Yertlesova, who will now be one of the board’s independent directors. Her track record is that of a high-caliber loyalist official brought into state companies to improve cash flows and “restore order.”

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