Kazakhstan Seeks to Unwind Jusan’s Purchase of Kcell Stake

The Kazakh government asked Jusan Bank to return shares in the country’s biggest mobile operator at the same price it bought the stake a year ago, according to people familiar with the discussions.

The deal would move the stake to Samruk-Kazyna, the state’s property fund, and reverse the controversial privatization of Kcell that was marred by suspected share price manipulation, the people said, who asked not to be identified as the plans aren’t public.

Jusan Bank’s Chief Executive Officer Nurdaulet Aidosov said via the lender’s press service the terms of the deal are a commercial secret and that it is ...