Timeline of Events

The Chronology Of Events at OAO “Arna”

Murat Zhunussov’s Takeover of OAO “Arna” and Revenge

During 2000, the EBRD invested into OAO Arna which had been in existence for several years. The company was managed by Murat Zhunussov prior to the EBRD investment.

Unusually for the EBRD and GIMV, a Belgian investment company which co-invested with the EBRD, the EBRD and GIMV became majority shareholders, together holding 83.3%. The EBRD held 49.9%  and GIMV 33.4%,  with Mr. Zhunussov held 16.7%. The EBRD and GIMV through the Eagle Kazakhstan Fund were much more involved in the management of the company than is usual. GIMV were the owners of the Eagle Kazakhstan Fund and are a quoted on the Brussels Stock Exchange as a private equity fund.

2002
On December 31, 2002, Mark Seidenfeld, the then CEO of OAO “Arna” fired Murat Zhunussov from his position as a consultant to OAO “Arna”.

His consultancy payments were ceased, and his access to company cars and phone expenses were terminated. This action was pursuant to a decision of the Board of Directors, and was not Mark’s initiative. But, Mark was given the task by the Board of Informing Murat Zhunussov that he was being terminated.

2003
On December 10, 2003, the company cashier Ms. Dzhasibayeva made a written denunciation of Mark to the Board of Directors of “Arna”. The Directors began an investigation.

2004
In February 2004, a major international accounting firm issued its report to the Directors of OAO “Arna” establishing that no cash was unaccounted for, and Mark had applied the cash referred to in Ms. Dzhasibayeva’s denunciation to equipment purchases.
On March 14, 2004, the EBRD sold its 49.9% stake in OAO “Arna” to Murat Zhunussov.

In March 2004, in conjunction with the acquisition of control of OAO “Arna” by Murat Zhunussov, Mark Seidenfeld was terminated as CEO of OAO “Arna”. Mark had served as CEO from January of 2002, and had started work with OAO “Arna” in December 2000.

On June 1, 2004, the first decree was issued commencing a criminal investigation against Mark Seidenfeld, dated June 1, 2004.

Since June 1, 2004, Murat Zhunussov’s revenge upon Mark Seidenfeld by arranging for his arrest in Russia, and deportation from Russia to Kazakhstan to face false charges has been continuing.

2005
December 7, 2005, Mark was arrested in Blagoveshchensk, Russia.  He remained imprisoned for eleven months in Russia, until:

2006
November 2006, Mark was deported from Russia to Kazakhstan.

2007
In April 2007, Mark’s trial date in Almaty was postponed for a date uncertain– likely to be in June 2007.