In keeping with GRATA’s practice of informing clients regarding important legal developments that might influence their business, allow us to draw your attention to the following changes in Kazakhstani legislation that occurred during 2015.
On 29 October 2015, the President of the Republic of Kazakhstan signed the Commercial Code of the Republic of Kazakhstan.
In the Address, dated 29 January 2010, ‘New Decade - New Economic Growth - New Opportunities for Kazakhstan’, the President of the Republic of Kazakhstan – N.A. Nazarbayev, said, in particular: “A huge potential to attract private investments belongs to the public-private partnership mechanism. We have launched this mechanism in Kazakhstan, but it requires improvements in accordance with the best international practice”.
Kazakhstan’s legal system is a civil law system similar to the systems in most other former Soviet jurisdictions. Its laws are contained in the Constitution, various codes, laws, edicts, decrees (having the force of law), regulations, instructions, orders and other normative acts of the Republic of Kazakhstan.
Presentation of Shaimerden Chikanayev, Partner of GRATA International: 'Bankruptcy or Restructuring? The Dilemma of a Creditor and a Debtor in Kazakhstan'.
Importance of so-called natural monopolies in Kazakhstan can be seen in the fact that some of Kazakhstan's largest and most powerful corporate empires, such as the Kazakhstan Electricity Grid Operating Company (KEGOC) (national transmission grid operator), KazTransOil (national oil transporter in Kazakhstan accounting to 80% of all oil transported in the country) and National Company Kazakhstan Temir Zholy (the national railway company of Kazakhstan) are officially subject to natural monopoly regulation.
Project finance in the strict sense of the term (i.e. where the financing structure is based on the performance of the project itself) has not yet been developed or tested so far in Kazakhstan.
Presentation of GRATA International Partner, Shaimerden Chikanayev