Ms. Marina Kahiani joined  GRATA's London representative office in September 2008, relocated to Almaty head office in September 2009. Previously Ms. Kahiani also worked for two years as a Banker at BTA Bank, International Funding Department.

Ms. Kahiani specialises in banking and finance transactions with focus on capital markets.

Ms. Kahiani received her LL.M. from the London School of Economics and Political Science (LSE), her Kazakh Master Degree with distinction from Kazakh Humanitarian Law University (specialisation - International and European Law) and bachelor degree with distinction from Kazakh State Law Academy (specialisation – Civil and Corporate law).

Publications and Articles


  • English
  • Russian

Recent Representative Matters: 
  • advised EBRD of 'Local Capital Markets' project, where GRATA in consortium with international counsel advised on improvement of legal framework of Kazakh capital markets regulations and drafted proposals to legislative amendments regarding amongst others, regulation of financial institutions, corporate governance framework, settlement of the transaction on the stock exchange and other;
  • advised the National Welfare Fund 'Samruk-Kazyna' and Government of the Republic of Kazakhstan on 'Peoples IPO' program, where GRATA in consortium with international counsel advised on improvement of legal framework and drafted respective legislative amendments regulating among others, corporate governance framework and securities regulations in Kazakhstan;
  • acting for JSC Astana Finance, a financial services group in Kazakhstan, in relation to its financial restructuring;
  • acted for underwriters led by Credit Swiss on an IPO of a major telecommunication company (Kcell JSC) and dual listing of its shares on LSE and Kazakh stock exchange;
  • advising lead managers led by RBS in a debut US $ 680 m Eurobond offering of Samruk-Energy 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  
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Marina Kahiani and Jakub Svoboda will speak at the Round Table organised in the Czech Republic as a part of the Agriculture Day

On 4 and 5 May 2017, an important event will take place in the Czech Republic: The Agriculture Day that would be attended by large representatives of non-governmental agro-food organisations of the Czech Republic.

Aviation Law 2017: Kazakhstan

GRATA International contributed to the International Comparative Legal Guide series - Aviation Law 2017 with the chapter on Kazakhstan. 

Public Procurement 2017: Kazakhstan

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. 

Corporate Recovery & Insolvency 2016: Kazakhstan

The International Comparative Legal Guide : Corporate Recovery & Insolvency 2016, 10th edition. A practical cross-border insight into corporate recovery and insolvency work.

Corporate governance 2016: Kazakhstan

Under Kazakh law, all legal entities fall into two categories, depending on whether or not the acquisition of profit is the main purpose of their activity: commercial organisations; and noncommercial (non-profit) organisations. 

Legal framework of securities market (including IPO and Eurobonds) in the Republic of Kazakhstan

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).

Legal Alert On Recent Changes in Legislation of Kazakhstan

We draw your attention to the following recent changes in Kazakhstan legislation that occurred during the period of January - December 2015.

GRATA International in Georgia

GRATA International is pleased to announce the opening of a foreign desk in Georgia

Article on Kazakhstan capital market developments

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.

GRATA Law Firm is recognized as a regional contributor to the World Bank Doing Business Report 2013

Doing Business 2013 is the 10th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it.

Developments in Financial Legislation in Kazakhstan

Two main laws have been developed (one of which has already come into effect, while the other is yet to be passed).

"Latest legal developments in the financial regulation of Kazakhstan". Article by Shaimerden Chikanayev, Partner, GRATA Law Firm, and Marina Kahiani, Senior Lawyer, GRATA Law Firm, at IFLR1000 Guide

This article provides a general overview of the Law on Minimisation of Risks (the 'Law') that came into effect on February 1 2012 (apart from certain provisions). The main purpose of the Law is to separate Kazakh banks from expressly or impliedly affiliated structures. In addition the Law has introduced further improvements of IPO regulation and legislation relating to securities.

07-08 February 2014 in Almaty the 2013 reporting conference of the EURASIAN LAW FIRM «GRATA»

07-08 February 2014 in Almaty the 2013 reporting conference of the EURASIAN LAW FIRM «GRATA»

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