The founder of the Kazakhstani LLP "Seif-Lombard," Russian banker Igor Kim, will relinquish his stake in the company due to the sanctions imposed on him by the UK. He is the majority owner of the LLP.
"On February 24, 2025, the beneficial owner of LLP 'Seif-Lombard' was included in the UK sanctions list (...) To mitigate sanctions risks, the company's founder has decided to divest his stake, which will occur shortly, in accordance with the legislation of the Republic of Kazakhstan," the company stated.
Igor Kim is the beneficial owner of LLP "Seif-Lombard" with a 98.988% stake as of September 30, 2024. A small package of 1.012% belongs to the chairman of the board, resident Gennady Kim. The company did not specify the terms or the recipient of the majority owner's stake.
In its announcement, "Seif-Lombard" emphasizes that the company itself is not included in the UK sanctions lists and expects to achieve a profit of 4.7 billion tenge for the year 2024.
It is worth noting that Igor Kim, as the owner of the Russian Expobank, was included in the UK sanctions list on February 24, 2025. In Kazakhstan, he also owns the microfinance organization "Bereke," which he has personally owned since the end of 2023 (previously through "Seif-Lombard"). In December 2023, Forbes Kazakhstan reported on plans to transform this company into a bank.