Kazakh Paper Co. Fights To Recover $300M Stolen By Ex-CEO

Law360, London (July 7, 2021, 5:46 PM BST) -- Kazakh paper conglomerate Kazakhstan Kagazy urged a London court on Wednesday to let it seize the proceeds of a $300 million fraud by its former boss that it claims to have traced to a series of real estate and trustee companies.

Robert Howe QC opened Kazakhstan Kagazy PLC's case, saying that the company can trace funds stolen by former CEO Maksat Arip into a variety of property and assets held by companies within various Cypriot trusts for his and his family's benefit.

Howe said Arip used the proceeds of his fraud to buy shares in a Russian oil business called Exillon...

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