Shaimerden Chikanayev is a partner, head of the firm’s Global Banking & Finance practice.
Mr. Shaimerden Chikanayev has over 10 years of experience in Kazakhstani legal services market as well as big experience in matters dealing with former Soviet Union and Mongolia. Prior to joining GRATA Law Firm, he worked as an associate in the Almaty office of Dewey &LeBoeuf and in-house counsel in London office of the European Bank for Reconstruction and Development.
Mr. Chikanayev is admitted to practice in Kazakhstan from 2003 and passed exams of the Ministry of Justice of Kazakhstan to be a notary and he has a license of the advocate.
Shaimerden works at the Firm’s office in Almaty, but also supports companies with their corporate finance and commercial transactions across central Asia. Shaimerden has good knowledge of infrastructure regulation and he has extensive experience in reforming tariff systems, power, utilities and natural monopolies regulation, as well as drafting laws and orders in Kazakhstan, agreeing legislative amendments and new laws among various stakeholders and approving them at various levels in the Government of Kazakhstan.
Mr. Chikanayev received his LL.M. from the Duke University School of Law (USA), his specialist degree (JD equivalent) in law from the Eurasian National University Faculty of Law (Kazakhstan) and completed non-degree course of studies for foreign diplomats in the China Foreign Affairs University (PRC).
Mr. Chikanayev focuses his practice on a wide range of finance and M&A transactions, including project finance and capital markets, infrastructure transactions, and workouts and restructurings in many industries. Shaimerden has developed concentrated knowledge in a wide range industries, in particular in energy, mining, power generation/transmission, utilities and social infrastructure, financial services and transportation.
- Listed, Asia law Profiles: Leading Lawyer for General Corporate Practice (2013, 2014, 2015, 2016, 2017)
- Listed, IFLR 1000 Central & Eastern Europe: Leading Lawyer (2013, 2014, 2015, 2016, 2017)
- Listed, Chambers Asia-Pacific: Asia-Pacific's Leading Lawyers for Business (2013, 2014, 2015, 2016, 2017)
- Listed, Chambers Global: Leading Lawyers for Business (2013, 2014, 2015, 2016, 2017)
- Listed, The Legal 500 Europe, Middle East & Africa (2015)
What Clients Say:
Shaimerden Chikanayev provides international financial institutions with local law support on project financing and transactional matters. Sources describe him as "enthusiastic and thorough" and as "very good, very sensible."
Chambers Asia Pacific:
Shaimerden Chikanayev is well known for his work in banking and has additional expertise across M&A, project finance and capital markets.
- Kazakh (native)
- English (fluent)
- Russian (fluent)
- Putonghua (basic)
- 'Project Finance and PPP legal framework' (The European Lawyer Reference Series: Project Finance Jurisdictional Comparisons, 2012)
- Article on Kazakhstan capital market developments (EBRD Magazine 'Law in Transition', 2012)
- 'Legal aspects of reinsurance from Kazakh law perspective' ('Securities Market Magazine', Almaty, 2009)
- 'Attracting Private Investment to develop Kazakhstan's Infrastructure: a Lawyer's perspective' (Investors Voice, 2014)
- Contracting for Debt Restructuring: Main Issues and Solutions
- Legal Alert On Kazakhstan Banks M&A
- Investing in Kazakhstan's power industry: The legal framework (Investors Voice, 2014)
- Taking security in Kazakhstan
- Natural monopolies regulation in Kazakhstan
- The International Comparative Legal Guide to: Project Finance 2015 Edition (ICLG, 2015)
- Public Private Partnership Contract as a New Civil Law Institution in the Republic of Kazakhstan
- Bankruptcy or Restructuring? The Dilemma of a Creditor and a Debtor in Kazakhstan
- Legal framework of securities market (including IPOs and Eurobonds) in the Republic of Kazakhstan
- Major Kazakhstan legislation changes for 2015
- Financing Renewable Energy Projects in Kazakhstan 2016
- Financing Agribusiness in Kazakhstan 2016
- PPP in Kazakhstan
- Corporate Recovery & Insolvency 2016: Kazakhstan
- Public-private partnership in Kazakhstan: regulatory framework and practice;
- Public Procurement 2017: Kazakhstan
- Islamic Finance in Kazakhstan (2017, Islamic finance news, Special Report)
- Chinese FDIs under the One Belt One Road Initiative: Kazakh law aspects and perspectives
in PUBLIC-PRIVATE PARTNERSHIP AND INFRASTRUCTURE include:
- Acted as a Kazakh legal counsel for Samsung C&T and KEPCO on the Balkhash Power Plant project (debut USD 4 bn. Independent Power Producer project in Kazakhstan), including negotiations with Government of Kazakhstan and respective state agencies and drafting international treaty between Kazakhstan and South Korea that supersedes national legislation and assisting relevant government agencies in drafting relevant law that approves such international treaty (signed in 2011).
- Advising EuroChem, Russia’s largest mineral fertilizer producer on the construction of Chemical Producing Plant in south Kazakhstan (USD 2 bn total value infrastructure project) where GRATA among other things, drafted and negotiated with the Government of Kazakhstan and respective state agencies unprecedented host government agreement between the Republic of Kazakhstan and foreign investor (signed in January 2012).
- Advising Asian Development Bank as a Kazakh legal counsel on the Study and Recommendations for Alternative Approaches to Financing of Municipal Infrastructure in the Republic of Kazakhstan, including improvement if PPP and project finance legislation.
- Advising a foreign investor on the existing concession project of Aktau International Airport, including related tariff regulation issues.
- Advising European Bank for Reconstruction and Development (EBRD) on the financing of a water supply and waste water services company in the City of Shymkent within the Republic of Kazakhstan.
- Advising consortium of Korean investors (GS and STX) on development, financing, construction, exploitation and support of 100 - 150 MW gas power plant in south Kazakhstan, including negotiation and working on host-government agreement with local mayor of region.
- Advised EBRD on KZT 1.236 billion senior loan to Aktau TVS&V, water and district heating company of the City of Aktau, Kazakhstan, supported by Akimat of Western Kazakhstan. The objective of the project is to enable the relevant local authorities to increase the efficiency of water operations in the region, so as to equip the city with the municipal infrastructure. As a part of assignment GRATA was involved in negotiations with Akimat.
- Advising China Development Bank and Bank of China (Hong Kong) Limited on a USD 7.5 billion syndicated secured loan facility to Asia Gas Pipeline LLP to finance a gas pipeline project in Kazakhstan.
- Advising China Development Bank and Bank of China (Hong Kong) Limited on a USD 1.8 billion syndicated secured loan facility to Beineu - Shymkent Gas Pipeline LLP (controlled 50/50 by KazTransGas and CNPC) to finance a gas pipeline project in Kazakhstan.
- Advising China Development Bank and Bank of China (Hong Kong) Limited on a USD 4.7 billion syndicated secured loan facility to Asia Gas Pipeline LLP to finance a gas pipeline project in Kazakhstan.
in BANK AND CORPORATE LENDING include:
- Advising ADB on its loan to Damu JSC in the amount of US$122,000,000 for purposes of financing Project 2 of Damu’s Small and Medium Enterprise Investment Program on the condition that a portion of the proceeds of the loan would be made available to Joint stock company “Bank CenterCredit”.
- Advised Sberbank, the largest Russian bank, on its USD 2 billion debt facility to Eurasian Natural Resources Corporation plc, secured by guarantees issued by Kazakh subsidiaries of ENRC.
- Advised BNP Paribas on a secured USD 100 million syndicated facility to Eastcomtrans LLP, a large Kazakh transport company, to purchase rolling stock.
- Advised International Finance Corporation (IFC) on the USD 70 million financing of SB Sberbank JSC, a subsidiary bank of the large Russian Bank in Kazakhstan to support small and medium sized businesses.
- Advised IFC on its investment of USD 25 million in the Eurasia Real Estate Development Company (Eurasia RED) to build a premium-class retail center in Almaty.
- Advised IFC on the financing of a sea vessels purchase and mortgage of fleet on Caspian Sea.
- Advised IFC on ISDA transaction with ArnurCredit Microcredit Organisation LLP.
- Advised IFC on the secured loan to RG Brands JSC.
- Advised European Bank for Reconstruction and Development (“EBRD”) on the USD 50 million secured loan to RG Brands JSC.
- Advised EBRD on USD 8 million financing to Rauan Nalco LLP, chemicals producer.
- Advised EBRD in relation to a KZT 3.1 billion financing for AES Sogrinskaya TETS LLP for the purpose of equipment modernization.
- Advised EBRD in relation to the financing of RTS Decaux JSC, a telecommunication and media company.
- Advised EBRD on KTZ equivalent of USD 3 million loan to Arnurcredit MCO LLP, a microcredit organization in Kazakhstan.
- Advised EBRD on 22.5 million guaranteed loan to Zhanros LLP, a drilling services company in Kazakhstan.
- Advised OJSC “Gazprombank”, a prominent Russian bank, in transaction providing loan in the amount of 4,8 million U.S. dollars guaranteed by a private insurance policy to “KazAgroFinance” JSC.
- Acted for US Export-Import Bank on its debt financing of Lokomotiv JSC, a subsidiary of Kazakh national rail company, to renew locomotives park.
- Advised HSBC Bank plc on its EUR 500,000,000 financing to JSC Development Bank of Kazakhstan.
in CAPITAL MARKETS include:
- Advised J.P. Morgan Securities plc and VTB Capital plc as joint lead managers on a USD 200 million 9.875% 3-year Notes (due 2016) issuance of KaspiBank JSC. The issuance is listed on the KASE (Kazakhstan Stock Exchange) and the ISE (Irish Stock Exchange).
- Advised BNP Paribas, HSBC and JSC Kazkommerts Securities as managers of the debut USD 100 million Eurobonds issuance of Eastcomtrans LLP. The Reg S-only Eurobonds listed on the KASE (Kazakhstan Stock Exchange) and the LSE (London Stock Exchange). The issuance is secured by pledges of rolling stock and bank accounts.
- Advising BNP Paribas, Citigroup Global Markets Limited, HSBC Bank, VTB Capital as Managers on US 500,000,000 4.767 per cent. Notes due 2022 under USD 3,500,000,000 Euro Medium Term Note Programme of Eurasian Development Bank.
- Advised RBS and Sberbank CIB as Arrangers and Dealers on the USD 500 million drawdown under USD 680 million Global Medium Term Note Programme of JSC Samruk-Energo.
- Advised BNP Paribas, Citigroup Global Markets Limited, HSBC Bank, VTB Capital as Managers on USD 3.5 billion Euro Medium Term Note Programme of Eurasian Development Bank.
- Advising EBRD and relevant state bodies of the Republic of Kazakhstan on the legal and regulatory framework of debt capital market in the Republic of Kazakhstan including continued recommendations on the development and amendment of legislation.
- Advising Credit Suisse, UBS Investment Bank and Visor Capital as Joint Global Coordinators and Joint Bookrunners, Ranaissance Capital as Joint Bookrunner and Halyk Finance as Co-Manager on the public offering of JSC KCell, the largest cellular service provider in Kazakhstan, including on the listing of GDRs on LSE and shares on KASE.
- Advising JSC National Welfare Fund Samruk Kazyna on the People’s IPO Programme, the programme of privatization of the largest blue chip companies in Kazakhstan.
- Advised shareholders of QIWI plc on the initial public offering of 12,500,000 American depositary shares (the 'ADSs') representing 12,500,000 class B shares of QIWI plc.
in DEBT RESTRUCTURING AND INSOLVENCY include:
- Advising Astana Finance, a large Kazakh financial services company, on USD 2 billion debt restructuring.
- Advising foreign creditors on BTA Bank restructuring.
in INSURANCE AND INSURANCE DISPUTES include:
- Advising the Insurance Unit of William Fry in Ireland in relation to the proposed transactions of the Allianz Global Life Limited with European Economic Area based corporate clients from Kazakh insurance law perspective.
- Advising the Heungkuk Fire & Marine Insurance Company Limited from Kazakh law perspective in connection with the legal proceedings between Heungkuk Fire & Marine Insurance Company Limited and JSC Eurasia Insurance Company.
- Advising seller on potential sell of a Kazakh insurance company to a foreign financial conglomerate (transaction postponed).
- Advising buyer on the sale of the Joint Stock Company “Insurance Company Allianz Kazakhstan”.
- Advising Citadel Risk (“Citadel”), a Bermudian reinsurer, from Kazakh law perspective with regards to proposed transaction with a Kazakh insurer named Nomad Insurance Company so that Citadel provides reinsurance as a “front”, with Transneft being Citadel’s retrocessionaire (for 100%).
- Advising China Development Bank and Bank of China (Hong Kong) with regards to insurance matters related to three gas pipelines to be finance and constructed between Kazakhstan and PRC, including on assignment of insurance proceeds to the lenders.
- Advising a foreign reinsurance company from Kazakh law perspective in relation to loss of the KazSat-1 national satellite.
in ISLAMIC FINANCE include:
- Advised ICD on Kazakh law implications of having the representative office of ICD in the Republic of Kazakhstan and assisting with establishment of ICD representative office and its accreditation with the Ministry of Foreign Affairs.
- Advising ICD from Kazakh law perspective on proposed line of financing (Murabaha structure) to a number of financial institutions in the Republic of Kazakhstan, for the purpose of financing eligible projects sponsored by private enterprises (SME’s and corporates).
- Advising ICD from Kazakh law perspective on financing in accordance with the Principles of Shariah to Zaman-Leasing LLC.
- Advised ICD from Kazakh law perspective on financing of the development of the real estate project in Aktau city, Kazakhstan via partnering Kazakhstan investors.
- Advised ICD from Kazakh law perspective on the legal capacity of a Kazakh debt collection company including legal due diligence of the company.
- Advising international investment banks on proposed debut sovereign Sukuk issuance from Kazakh law perspective (on hold).
- Advising ICD with regards to the structure of the transaction on extending financing in accordance with the Principles of Shariah to the company in the Republic of Kazakhstan to finance establishment of an aluminium extrusion profile plant and working capital finance (on hold).
in MERGERS AND ACQUISITIONS include:
- Advising seller on the sale of the TAIB Bank Kazakhstan, including share purchase agreement.
- Advising buyer on the sale of the JSC Insurance Company Allianz Kazakhstan, including negotiation of the share purchase agreement.
- Advising on the acquisition by international investor of a stake in Asian Credit Fund Microcredit Organisation LLP.
- Advising three international investors on the acquisition of stakes in ArnurCredit Microcredit Organisation LLP.
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On 24 May 2017 in Almaty, Kazakhstan English Law Day Forum was held.
Shaimerden Chikanayev, Partner of GRATA International with a review of Kazakhstan prospects within China's "One Belt - One Road" initiative
Shaimerden Chikanayev, a Partner at GRATA International Law Firm, took part in the meeting workshop titled 'Implementation of PPP projects in Almaty'. The workshop was also attended by Akim of Almaty city, deputies of Akim of Almaty city, officers and heads of Akimat departments, NC SEC 'Almaty' JSC, Almaty City Development Centre JSC, and Kazakhstan PPP Centre JSC.
Kazakhstan has high ambitions in OBOR as it is geographically an ideal junction between China and the West and its interest in OBOR is indisputable – with Kazakh government already being involved in Nurly Zhol (Path of Light), a $9 billion domestic economic stimulus plan to develop and modernize roads, railways, etc.
Shaimerden Chikanayev, Partner of GRATA International law firm made comments to the national newspaper "Kazpravda" on the development of the PPP projects market in Kazakhstan.
The question whether or not Islamic finance will have a future in Kazakhstan is not an easy one to answer. There is definitely strong support from the government of Kazakhstan for Islamic finance as an alternative source of funding for infrastructure, SMEs and such. Nevertheless, so far the pace of expansion of Islamic finance in Kazakhstan does not meet the high expectations of its promoters. In this article, SHAIMERDEN CHIKANAYEV tries to give an overview of the current legislative and regulatory framework for Islamic finance in Kazakhstan.
Among the speakers was Shaimerden Chikanayev, Partner of GRATA International, who talked about the regulation of FDI and energy security in Kazakhstan.
Shaimerden Chikanayev, Partner at GRATA International law firm was the moderator of the Public Private Partnership section of Almaty Invest Forum 2016: “Investing in Almaty - Global Perspectives”.
On November 25, in the AmCham Boardroom, Rixos Hotel Business Center, 8th Floor, the Healthcare Reform WG Meeting was held.
On the 28th of November 2016 at The National Chamber of Entrepreneurs of the Republic Kazakhstan "Atameken" public hearings were held
Public Procurement covers common issues in public procurement laws and regulations – including application of the law to entities and contracts, award procedures, exclusions and exemptions, remedies and changes during a procedure and after a procedure.
On November 25, in the AmCham Boardroom, Rixos Hotel Business Center, 8th Floor, the Healthcare Reform WG Meeting will be held.
IV International Investment Forum Almaty Invest 2016 will be held on December 8-9, 2016 in Almaty, Kazakhstan. The event is organized by Almaty City Administration and will focus on investment opportunities in Almaty.
Asialaw Profiles – the guide to Asia-Pacific’s leading lawyers and law firms has identified key legal practitioners in Kazakhstan
On 6 October 2016, the 4th meeting of the expert group on the development of PPP mechanisms within the Eurasian Economic Union was held in Bishkek. The event was attended by Shaimerden Chikanayev, Partner, GRATA International Law Firm.
This presentation was part of the seminar 'Legal and Practical Aspects of Public-Private Partnership (PPP): reviewing CIS project experience for Kazakhstan. '
The Banking Lawyers Forum will be held on 21st of October, 2016 in Ritz-Carlton hotel in Almaty. At the forum, Partner of GRATA International law firm, Shaimerden Chikanayev will be delivering a presentation on "New bankruptcy legislation in practice".
On 20 and 22 September 2016, Public-Private Partnership seminars were organised by GRATA International in Astana and Almaty in cooperation with the Freshfields Bruckhaus Deringer law firm.
GRATA International in cooperation with international law firm Freshfields Bruckhaus Deringer LLP invites you for a free seminar on "Legal and practical aspects of public private partnerships (PPP): reviewing CIS project experience for Kazakhstan".
Key Legal Challenges
GRATA International in cooperation with international law firm Freshfields Bruckhaus Deringer LLP intend to provide seminar on "Legal and practical aspects of public private partnerships (PPP): reviewing CIS project experience for Kazakhstan" on 6 September 2016 in Astana and on 7 September 2016 in Almaty.
The International Comparative Legal Guide : Corporate Recovery & Insolvency 2016, 10th edition. A practical cross-border insight into corporate recovery and insolvency work.
On 27 May 2016 The Law Society of England and Wales, the Kazakhstan Bar Association, and the British Chamber of Commerce in Kazakhstan held a one-day forum «English Law Day Forum in Almaty».
On 3 June 2016, the seminar titled ‘Modern Rehabilitation and Bankruptcy Practice’ will be held in Almaty (Kazakhstan) at the Ritz-Carlton hotel. GRATA International will be represented in the vent by the speakers - Shaimerden Chikanayev, Partner, Head of Banking and Finance Department, and Bakhyt Tukulov, Partner, Head of Litigation Department.
Since 1991, Kazakhstan, Central Asia’s largest economy and oil producer, has had to rely on the deteriorating infrastructure it inherited from the Soviet Union. As a result, nearly every piece of public infrastructure (e.g., roads, hospitals, power plants, kindergartens, sewerages) in Kazakhstan requires a different degree of upgrading or expansion.
Key Legal Challenges
Kazakhstan in 2015 at a glance
A new edition of the most authoritative international rating - Chambers&Partners Asia-Pacific Guide 2016 has been published this month.
We draw your attention to the following recent changes in Kazakhstani legislation that occurred during the period of January – December 2015.
In the Address, dated 29 January 2010, ‘New Decade - New Economic Growth - New Opportunities for Kazakhstan’, the President of the Republic of Kazakhstan – N.A. Nazarbayev, said, in particular: “A huge potential to attract private investments belongs to the public-private partnership mechanism.
The securities market is primarily regulated by the provisions of the Kazakh Civil Code, the Securities Law, regulations of the National Bank of the Republic of Kazakhstan (NBK) and internal rules of the Kazakhstan Stock Exchange (KASE).
GRATA International was reviewed by Asialaw profiles 2016 as one of the leading experts and a premier law firm in Kazakhstan.
Presentation of Shaimerden Chikanayev, Partner of GRATA International: 'Bankruptcy or Restructuring? The Dilemma of a Creditor and a Debtor in Kazakhstan'.
There are currently eight large power plants of national importance in Kazakhstan: four thermal power plants and four hydropower plants.
Presentation of GRATA International Partner, Shaimerden Chikanayev
This article examines recently adopted and proposed regulatory and legislative changes related to the development of local equity and debt capital markets in Kazakhstan and makes recommendations for future reforms.
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