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Fintech Duo From Once Hot U.K. IPO Lose Billions on Kazakh Riots

  • Kaspi shares fell record 31% Jan. 5 as unrest escalated
  • Kazakhstan was rocked by biggest protests in decades this year
Mikheil Lomtadze 
Mikheil Lomtadze Photographer: Ruslan Pryanikov/AFP/Getty Images

Kazakhstan’s unrest that led to an internet outage and closure of banks is hitting hard the billionaires behind fintech giant Kaspi.kz JSC.

Vyacheslav Kim and Mikheil Lomtadze, the company’s largest shareholders, have lost almost $3 billion combined this year as the London-traded stock sank a record 31% on Jan. 5 amid the chaos. The clashes led the government to declare a state of emergency, and the internet was blocked for several days. While the president has since declared victory over the uprising, shares of the online bank are still down 26% since the end of December.