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Kazakh Leader’s Nephew Got His Payday Before London IPO Delay

Oct. 9, 2019, 11:53 AM

The failed initial public offering by Kaspi.kz wasn’t bad news for everyone.

Before the Kazakh fintech group backed by Goldman Sachs Group Inc. announcedits plans for a flotation in London, Kairat Satybaldyuly sold his entire 30% stake. Satybaldyuly, the nephew of Kazakhstan’s leader-for-life Nursultan Nazarbayev, said that motivated by “personal beliefs,” he no longer wants to invest in banks.

“I sold the stake to develop other projects in telecommunications and property spheres,” Satybaldyuly said by email, through Kaspi.kz.

The would-be IPO was a test run for Kazakhstan. Since its last bank listing in London in 2007, the former...

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