Mikheil Lomtadze's Assets Decreased by $ 1.8 Billion due to the Events in Kazakhstan

In recent days, the wealth of the Georgian billionaire, the founder and CEO of the Kazakh fintech company Kaspi, has decreased by $ 1.8 billion. The reason for this is the current events in Kazakhstan, due to which the business is operating with delays.

Kaspi shares have dropped 33% as a result of the developments, which might be quite damaging for the company. As a result, the fortune of the company's founder, Lomtadze, has decreased, and according to Forbes, it now stands at $ 3.5 billion.

It should also be noted that Kaspi was not the only Kazakh company whose stock prices fell significantly. Shares of well-known bank Halyk Bank also fell by about 20%. The shares of both financial companies are listed on the London Stock Exchange.

The company was going to enter the Ukrainian market this year, but if the situation does not improve, this process will be delayed. Kaspi is the largest payment company in Kazakhstan. For example, in July 2020, 66% of the number of payment transactions made in Kazakhstan came from the mentioned company. 

In 2021, comparing Lomtadze’s property with the property of another Georgian billionaire, Bidzina Ivanishvili, was quite topical. Mikheil Lomtadze also held the status of the richest Georgian for some time. Currently, Bidzina Ivanishvili's fortune, according to Forbes, is $ 4.8 billion.