Kaspi.kz (KSPI) Sanctions Violation and Misrepresentation Case

• $KSPI investors filed a lawsuit against Kaspi.kz for misleading them about the company's compliance with international sanctions and concealed relationships with Russian entities.

• On September 19, 2024, Culper Research published a report exposing Kaspi.kz’s alleged involvement in facilitating sanctions evasion by Russian entities. Following this news, $KSPI stock fell by 16.1%.

• $KSPI investors can join this case to be notified about potential recovery.

Case Details:

Between January 19, 2024, and September 19, 2024, Kaspi.kz positioned itself as a company that respected international sanctions, confidently stating in its public documents that it had "zero exposure to Russia" and was in line with U.S., EU, and UK sanctions.

On September 19, 2024, Culper Research reported that Kaspi.kz was allegedly assisting Russian entities after Russia's 2022 invasion of Ukraine. The report claimed Kaspi.kz allowed Russian merchants to use its marketplace and facilitated transactions through a correspondent account with Raiffeisenbank in Moscow. This account reportedly enabled Russian customers to open accounts and transfer money, bypassing global sanctions.

The report also highlighted concerns about hidden related-party transactions, ties to sanctioned Russian oligarchs, and suspicious business acquisitions linked to organized crime.

Following this, $KSPI dropped by 16.1%.

Based on these events, $KSPI investors filed a lawsuit against Kaspi.kz, accusing the company of the following:

• It misled investors about its compliance with international sanctions and its relationships with Russian entities.

• It failed to disclose material risks tied to sanctions violations and questionable transactions.

Investors believe Kaspi.kz misrepresented its sanctions compliance and concealed its dealings with Russian entities.