Alexander Mashkevich. Photo: ulysmedia.kz
Alexander Mashkevich, co-owner of Eurasian Resources Group (ERG) and Eurasian Bank, has passed away at the age of 72, Forbes.kz reports, citing ERG’s press service.
“With deep sorrow, we announce that on March 22, 2025, at the age of 72, after a prolonged illness, the well-known Kazakh businessman and public figure, one of the founders of Eurasian Resources Group (ERG), Alexander Antonovich Mashkevich, has passed away. From 2014 to 2024, he served as Chairman of the ERG Board of Directors. Mashkevich also held the position of Chairman of the Board of Directors of Eurasian Bank for many years,” the press service statement reads.
According to Kursiv.kz, Mashkevich’s passing occurred amid a shareholder dispute within Eurasian Financial Company (EFC) over the potential sale of an asset. The sale was opposed by Shukhrat Ibragimov, son of the late Alijan Ibragimov. Media reports suggested that the potential buyer was Freedom Holding Corp., owned by Timur Turlov, which was reportedly prepared to offer around $1 billion for the company.
As reported by nege.kz, in April 2023, Mashkevich underwent surgery to remove a brain tumor, though ERG declined to comment on the matter at the time.
Mashkevich co-owned Eurasian Resources Group (ERG) alongside Patokh Shodiev, the Ibragimov family, and the Kazakh government. ERG’s vast industrial holdings include:
TNK Kazchrome
Sokolov-Sarbai Mining and Processing Plant
Aluminium of Kazakhstan
Kazakhstan Electrolysis Plant
Other major assets
