According to the Corporates Portal, the President’s son-in-law Oybek Tursunov, who had owned 50% stake in Kapitalbank since November 2021, has been removed from the bank's list of affiliates on 20 January. While, the company owned by Alisher Usmanov has increased its stake in the bank.
Affiliate is an individual or legal entitled to influence the activities of legal entities and / or individuals engaged in business activities.
Under the law, an individual who jointly with close relatives owns 20 percent or more of the company’s shares is recognized as an affiliate of the company.
In November 2021, Oybek Tursunov bought a 34.1% stake in Kapitalbank, bringing his stake in the bank to 50%. The fact of being removed from the list of affiliates means his stake in the company has dropped to less than 20 percent.
Shortly after Tursunov upped his stake in Kapitalbank to 50%, in the same month (November 2021) the Russian company Telecominvest became a shareholder of the bank.
By January, Telecominvest had bought another 8.33 percent stake in Kapitalbank, increasing its stake to 25 percent.
Telecominvest LLC is a subsidiary of USM Holdings belonging to the billionaire Alisher Usmanov's.
Tursunov was ousted in the list of affiliates by Russian companies - Telecominvest LLC and Korus JSC. Korus has been included in Kapitalbank's list of affiliates since January 12, 2022. Korus is also affiliated with Alisher Usmanov's Telecominvest.
9 transactions with Kapitalbank’s shares worth total of 975.46 billion soums, or US$ 90 million (32.98 million shares or 8.33% in each transaction) were registered on the Stock Exchange from January 6 to January 18, 2022.
