Resignation of Chagala Group CFO Kudabayev and Replacement Appointment


Resignation of Chagala Group CFO Kudabayev and Replacement AppointmentChagala Group (Chagala or the ‘Company’) announced today that Yermek Kudabayev, Chief Financial Officer, has resigned his position with the Company. Having completed a six month notice period, Mr. Kudabayev’s resignation is effective immediately.

Francisco Parrilla, Chief Executive Officer of the Company, stated “On behalf of the Board of Directors, I would like to thank Yermek for the substantial contribution he has made to the Company since joining us. Chagala has grown significantly in size and complexity over the last few years and Yermek has been at the center of much of that growth. A successful bond issue, major refinancing efforts and a finance department restructuring were all guided by his office. We wish Yermek well in his future career and appreciate his efforts on our behalf.”

Joining the Company in the position of Chief Financial Officer effective 15 April is Margarita Kapustyanskaya. Ms. Kapustyanskaya brings to the Chagala Group a varied background including Chief Financial Officer responsibilities at Kazakhstan’s largest retail electronics company and, prior to that, the Head of Internal Controls for KATCO Ltd., Kazakhstan’s uranium mining joint venture with France’s AREVA NC. Ms. Kapustyanskaya is a native of Kazakhstan and fluent in three languages and holds numerous graduate and post graduate degrees including an International Executive Master’s of Business Administration. Commenting on the addition of Ms. Kapustyanskaya to the Chagala team, Francisco Parrilla noted “We are extremely pleased to be adding such a skill set to the Company’s team in Kazakhstan. Margarita brings an excellent mix of skills and experience with her to the Company and we look forward to benefitting from her presence in the very near future.”

Chagala is a service company focused on providing long and short term accommodation solutions to domestic and international oil and gas companies developing Kazakhstan’s largest hydrocarbon discoveries. With the ownership of hotels, guest houses, serviced apartments, remote site facilities, restaurants and offices in its portfolio, Chagala is well positioned to capitalize on the oil and gas investment being made in Kazakhstan.