Connect with us

World

Kazakhstan challenges large asset transfer by ex-president’s foundation

Published

on

Kazakhstan challenges large asset transfer by ex-president's foundation

Kazakh prosecutors have filed a lawsuit seeking to nullify the transfer of a local bank’s ownership from ex-president Nursultan Nazarbayev’s non-profit foundation to a foreign company, they said on Thursday.

The foundation established by Nazarbayev, who ran the oil-rich Central Asian nation for three decades until resigning in 2019, used to own Jusan Bank (TSBN.KZ), the sixth-largest lender in the former Soviet republic.

But according to a statement by the prosecutor general’s office, the company through which the foundation owned the bank transferred its shares to Jusan Technologies, a British company, in 2020, “endangering public interest”.

Jusan Technologies’ parent company, Nevada-based Jysan Holding, in a separate statement on Thursday said it has filed a lawsuit in a federal district court in Nevada against the Kazakh government, accusing it “of engaging in a campaign of fear and intimidation in order to seize control of the companies’ Kazakhstan-based assets worth more than $1.5 billion”.

A spokesperson for the Jusan Group said that Nazarbayev had “never had any role or connection – directly or indirectly – with Jusan”.

Advertisement

“This asset freeze is part of an attempt by the Government of Kazakhstan to unwind lawful transactions involving the Jusan Group that were undertaken with their prior express approval,” the group’s spokesperson said.

Nazarbayev, 82, fell out with his successor Kassym-Jomart Tokayev last year and lost key positions which had given him sweeping powers, such as the chairmanship of the security council, even after his resignation.

The Nazarbayev foundation, run by former education minister Aslan Sarinjipov, acquired Jusan in 2019 after it was bailed out by the state.

According to prosecutors, the foundation asked them this month to look into the case, describing the ownership transfer as a result of illegal actions by several entities.

Neither the foundation, which runs a university and a network of prestigious schools, nor Nazarbayev’s spokesman could be immediately reached for comment.

Advertisement

World

Ukraine sharply boosts delivery of drones to armed forces

Ukraine sharply boosts delivery of drones to armed forces

Published

on

By

Ukraine sharply boosts delivery of drones to armed forces

Ukraine has delivered three times more drones to its armed forces so far this year than in the whole of 2023, a top commander said, as Ukrainian forces accelerate the use of unmanned craft in the war against Russia.

“This process continues and will only grow,” said Colonel Vadym Sukharevskyi, the commander of Ukraine’s drone forces.

Ukraine, which has been fighting off a full-scale Russian invasion for nearly 26 months, is seeking to ramp up its domestic arms manufacturing and use of innovative technologies to compete against its much larger and wealthier enemy.

He was speaking at an exhibition on Saturday showcasing Ukrainian-made unmanned vehicles for land, sea and air, electronic warfare systems and armoured vehicles.

Advertisement

Ninety-nine percent of drones used by the Ukrainian military are produced domestically, Sukharevskyi said.

“It’s no secret that our resource limitations in artillery are compensated by drones, such as FPVs (first-person view) and (bomber) drop drones,” he told reporters, referencing an imbalance of artillery firepower between Ukraine and Russia which analysts put at six to one in Russia’s favour.

As the Ukrainian military is outgunned and outmanned on the battlefield, Moscow’s forces have been increasing pressure along the entire frontline and making gradual gains.

The increased use of drones by both sides has been shifting the conflict away from the battlefield to strikes on each other’s military, energy and transport infrastructure.

Ukrainian Unmanned Aerial Vehicles (UAVs), used to hit targets inside Russia in recent months, can now hit targets more than 1,200 km (750 miles) away, Sukharevskyi said.

Advertisement

Tesla will lay off more than 10% of its workforce.

Oleksandr Kamyshin, Ukraine’s Minister of Strategic Industries, said Ukrainian weapons manufacturers had fuelled both military and economic progress in the country.

Ukraine’s booming military-industrial complex grew GDP by 1.5% in 2023, a significant chunk of the total GDP growth last year of around 5%.
Kamyshin said he was confident that figure would double to 3% of GDP growth this year. But he warned Ukraine’s government could not afford to buy up all its domestic weapons production.

Ukraine was in discussions with international allies about the purchase of weapons for Ukraine from Ukrainian makers to cover the financial shortfall, he said.

“I am convinced that we will start purchases from Ukrainian manufacturers with foreign funds in the new future,” he said. 

Advertisement

Continue Reading

World

Aseefa Bhutto Zardari sworn in MNA

Aseefa Bhutto Zardari sworn in MNA

Published

on

By

Aseefa Bhutto Zardari sworn in MNA

Aseefa Bhutto Zardari was sworn in as a member of the National Assembly.

NA Speaker Ayaz Sadiq administered the oath.

During the session, Bilawal Bhutto Zardari provided headphones to Aseefa Bhutto Zardari to reduce the noise disturbances as PTI MNAs raised slogans calling for the release of the PTI founder.

Following Aseefa Zardari’s swearing-in, PPP members also chanted slogans in support of the Bhutto family like ‘jiye Bhutto’. 

Advertisement

Continue Reading

World

British jets shot down Iranian drones, PM Sunak says

British jets shot down Iranian drones, PM Sunak says

Published

on

By

British jets shot down Iranian drones, PM Sunak says

British Prime Minister Rishi Sunak said on Sunday that British military jets shot down drones launched by Iran in its attack on Israel and called for “calm heads to prevail” to avoid an escalation of the conflict.

“I can confirm that our planes did shoot down a number of Iranian attack drones,” Sunak told broadcasters.

“If this attack had been successful, the fallout for regional stability would be hard to overstate. We stand by the security of Israel and the wider region, which is of course important for our security here at home, too. What we now need is for calm heads to prevail.”

Sunak was due to join discussions between Group of Seven leaders later on Sunday.

Advertisement

“It’s important that we coordinate with allies and we’ll be discussing next steps at that moment,” he said

Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN