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The heads of Kazakhstan's sovereign wealth fund and national railway company have been arrested on suspicion of corruption, which may impact the national railway operator's plan for an IPO in Hong Kong.
Nurlan Zhakupov, CEO of Kazakhstan’s sovereign wealth fund Samruk-Kazyna, and Yelzhas Otynshiyev, head of the national railway operator KTZ, have been arrested on corruption charges. Although KTZ recently received listing approval from the Hong Kong Stock Exchange, analysts believe this move risks delaying its international share offering and dealing a blow to investor sentiment.
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