Kaspi Update 2024: The Culper Short Report

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth."

Today Culper published a short report on Kaspi, alleging that the company has been misleading its shareholders by not disclosing its Russian connections.

Last May, I published 3 issues of the newsletter about Kazakstan in general, and Halyk and Kaspi specifically. So now, I am compelled to write down my thoughts on the topic, if not for any other reason…