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News January 2023

Kinstellar announces new promotions in Kazakhstan

Kinstellar is delighted to announce the promotion to Managing Associate of Yerlan Akhmetov (Banking & Finance, Corporate), Dina Berkalieva (Dispute Resolution) and Assel Mussina (Corporate, Real Estate) in our Almaty office.  In addition, Anna Kornilova, a Senior Associate in the Almaty office, will become Head of Competition for Central Asia. These promotions are in recognition of their importance to our firm and its future and to their commitment to delivering exceptional value to our clients.   Yerlan Akhmetov has over 15 years of experience in capital markets, banking and finance and M&A. He has taken the lead on numerous complicated financing transactions, and has been involved in high-profile M&A

Insights July 2022

Kinstellar contributes to the Clean Energy Tool launched by Simmons & Simmons

Kinstellar is honoured and delighted to have contributed, as exclusive authors, to the Czech, Hungarian and Kazakhstan sections of the Clean Energy Tool launched by international law firm Simmons & Simmons. The Clean Energy Tool provides reliable, consistent and easy-to-manage information to support investments in clean energy projects around the world. It gives investors online access to important legal and regulatory information concerning renewable energy projects. The tool is constantly expanding and already covers 44 jurisdictions. Information is developed in collaboration with premiere local counsel selected by Simmons & Simmons from across Africa, Asia, Europe, Latin America, Australia and the Middle East.

Insights May 2022

5G auctions

As the process of 5G coverage expansion continues, we bring you a short status update on 5G auctions and 5G rollout in the Central and Eastern Europe and Central Asia regions. Kazakhstan Frequency already allocated: 3.5 GHz. Announced / expected 5G auctions: Three lots each for 100 MHz around 3.5 GHz will be sold at auctions that are planned for the end of May 2022. One lot per city—Almaty, Nur-Sultan and Shymkent—will be offered. Stage of 5G auctions and auction method: The relevant law and regulations for holding auctions have been adopted. Auctions will be held in two stages. At the first stage the bidders' compliance with qualification requirements

News April 2022

Kuanysh Shekerbekov participates in a panel discussion in connection with the official presentation of the “VC Guide for Founders”

Kuanysh Shekerbekov, Managing Associate of Kinstellar’s Almaty office, participated as a speaker in a panel discussion in connection with the official presentation of the “VC Guide for Founders”. The event took place on 8 April 2022 and was organised by The AIFC Tech Hub, a subdivision of the "Astana" International Financial Center (AIFC), which has the task of promoting the development of the start-up ecosystem, the venture industry, e-commerce, corporate innovation and new technological directions in Kazakhstan (FinTech, GovTech, SatelliteTech, Industry 4.0. etc.). The purpose of the guide is to provide a clear understanding of the opportunities and advantages of the AIFC for structuring venture transactions and

Insights April 2022

Data Privacy Concerns in the Metaverse. May the privacy be with us!

All of us have concerns regarding data privacy in the metaverse. Countless questions come to mind, such as: What is the metaverse? Can a digital personality be considered as personal data? What happens if digital data is processed? In this short article we touch on the metaverse’s main data privacy concerns.  What is the metaverse? The metaverse is a virtual world that relies on multiple technologies such as virtual reality, blockchain, artificial intelligence, etc. There is no longer just one world like the real world anymore. A new virtual-world era has begun with the advent of different metaverses such as Horizon, Decentraland, Sandbox, and Upland, and it appears that their number will continue to increase.

Insights April 2022

Brief summary on requirements for setting up a private company for holding companies in AIFC

March 2022 –  Since the establishment of the Astana International Financial Center (the “AIFC”) in 2018, we have provided legal assistance to a large number of foreign clients in setting up their businesses in the AIFC. Based on our experience, we note that the most attractive and convenient legal vehicle for setting up a holding company in the AIFC is a company in the form of a private company. The purpose of this brief summary is to acquaint potential investors with the key features of private companies in the AIFC. This note does not contain requirements for regulated companies (such as financial organisations in AIFC). Requirement Description

Deals November 2021

Kinstellar advises the joint lead managers on the debut, USD 500 million bond issue by Kazakhstan’s sovereign wealth fund, Samruk-Kazyna

Kinstellar is pleased to announce that our team in Almaty has advised Citibank, MUFG, UBS Investment Bank and VTB Capital, as joint lead managers and joint bookrunners, on the successful USD 500 million bond issue (2% notes due in 2026) by Samruk-Kazyna, Kazakhstan's sovereign wealth fund. The profits will be used by Samruk-Kazyna to refinance existing debts and for general corporate purposes. The Kinstellar team was led by Partner Joel Benjamin and Pavel Kornilov (Counsel), with support from Yerbol Konarbayev (Senior Associate) and Alikhan Baizakov (Associate).  For more information please contact Joel Benjamin, Partner, at  

News September 2021

Kinstellar strengthens its Energy and Natural Resources team in Kazakhstan with appointment of Anna Kornilova as a Senior Associate

Kinstellar is delighted to announce that Anna Kornilova has joined our team in Kazakhstan as a Senior Associate.  At Kinstellar, Anna’s practice will focus on Competition and Antitrust Matters. In addition, Anna will be involved in our Energy and Natural Resources team and our Corporate and M&A practices. Anna graduated with LL.B. from the Almaty Academy of Law of the Kazakh Humanitarian Law University, international law faculty in 2007 and completed one year of studies in Washington, DC in 2002. She is a member of the Kazakhstan Bar Association, the Kazakhstan Alliance of Antitrust Experts and Eurasian Association of Antimonopoly Experts. Prior to joining Kinstellar, Anna Kornilova was a Senior Associate

News September 2021

Kinstellar strengthens its Capital Markets team with new Counsel in Almaty

Kinstellar, Emerging Europe and Central Asia’s leading independent law firm, is delighted to announce that Pavel Kornilov has joined its Almaty office as a Counsel. Pavel has 18 years of legal experience and is regarded as one of the distinguished lawyers on the financial arena in Kazakhstan. Pavel brings extensive experience in banking, debt finance, equity and debt capital markets mandates. He also has an in-depth expertise in structured products, liability management, synthetic securitizations, credit and equity derivatives, financial regulatory and corporate advice. In his new role, Pavel will focus on capital markets, derivatives, project development, finance and financial regulatory matters. Pavel

Insights May 2021

Kazakhstan’s parliament considering amendments to the law on the protection of personal data

Kazakhstan’s parliament is currently considering changes to the law on the protection of personal data. This note discusses the most notable amendments introduced in the draft law and their possible consequences for businesses operating in Kazakhstan. Our note is intended to be helpful guide – it is not comprehensive and does not constitute legal advice. As of the date of this note, the draft bill is not yet adopted. Formation of an electronic service to ensure personal data protection To protect the rights of data subjects (i.e., individuals), prevent leaks and suppress the misuse of personal data, it is expected that an electronic service will be created that will contain citizens’ personal data and which will

Deals May 2021

Kinstellar advises Venus Airport Holdings B.V. on its sale of 100% of the share capital of International Airport Almaty JSC, the biggest airport in Central Asia

Kinstellar has successfully advised Venus Airport Holdings B.V. on the sale of 100% of the share capital of International Airport Almaty JSC to entities representing a consortium of TAV Airports, a member of Groupe ADP, and VPE Capital. The share transfer of Almaty Airport to the consortium took place on 29 April 2021. TAV is now 85% beneficial owner of Almaty Airport and associated fuel and catering businesses, and Kazakhstan Infrastructure Fund, managed by VPE Capital and backed by Kazyna Capital Management, holds the remaining 15% stake. First opened in 1935, Almaty is the busiest hub in Central Asia. The airport has two runways. Located in the southeast of the country and an important stop on the ancient

Insights December 2020

Updated Overview of the 5G Auctions in Central and Eastern Europe

The introduction of 5G networks will bring significant changes to the telecommunications market. Not only will the technology open up a wide range of new possibilities in a variety of sectors (including manufacturing, health, energy, automotive, media and entertainment) but many regulators will also seek to design the frequency auction terms in ways that will foster competition and increase welfare for consumers. For these reasons the 5G rollout remains a hot topic throughout Europe. We understand the importance of these changes and therefore closely monitor 5G frequency auctions in CEE markets. An overview of the current stage of 5G frequency auctions in Kinstellar jurisdictions here. For more information please