Olzhas Dyussenov, founder of the environmental company «KazEcoSolutions», is accused of raiding his own business. The company, which he founded in 2008, has become the centre of a corporate conflict.
After Dyussenov bought a 70% stake from the company «Zhas Invest Group» LLP for 30 million tenge in 2017, the former director of «KazEcoSolutions», Dastan Yerzhanov, launched a legal battle.
Although the initial court proceedings ended in Dyussenov’s favour, in 2023 the sale and purchase agreement was unexpectedly declared invalid.
As a result, Yerzhanov regained his 70% stake and the position of director, while the money paid by Dyussenov was not returned. Incidentally, according to Olzhas Dyussenov, after an audit conducted in 2017, it emerged that Yerzhanov had embezzled more than 20 million tenge from the company’s accounts.
It is worth noting that Olzhas Dyussenov is known not only as an entrepreneur but also as an active public figure who campaigned against the construction of a nuclear power plant ahead of the referendum. To date, a new criminal case has been opened against Dyussenov, accusing him of raiding Yerzhanov’s stake.
Undoubtedly, the story of «KazEcoSolutions» LLP raises a number of critically important questions about the transparency of business relations in Kazakhstan, the reliability of legal mechanisms for investor protection, and the need to improve corporate legislation.
At present, the company is in a state of limbo: registration actions and notarial acts have been banned, bank accounts have been frozen, and the conflict remains unresolved.
Its further development will depend on the decisions of the judicial and law enforcement authorities, as well as on the possibility of reaching a compromise between the parties.
This situation clearly demonstrates how the absence of effective mechanisms for resolving corporate disputes can lead to a paradoxical situation, where the founder of a business finds himself accused of raiding his own company.