Kazakhstan strengthened minority investor protections by introducing greater requirements for immediate disclosure of related-party transactions to the public, increasing shareholder rights and role in major corporate decisions, clarifying ownership and control structures and requiring greater corporate transparency.
Kazakhstan made resolving insolvency easier by changing voting procedures for reorganization plans and providing protections to creditors who vote against such plans.
Bastau, based in Astana, Kazakhstan, is a local joint venture set up to develop e-learning and Intelligent Transportation Systems in Kazakhstan.
ST Engineering holds 51% of Bastau while Kazakhstan Engineering National Company JSC owns the remaining 49%.
Additionally, creditors were granted greater access to information about the debtor during insolvency proceedings and allowed to challenge decisions affecting their rights.