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'''Mikheil Lomtadze''' ({{lang-ka|მიხეილ ლომთაძე|tr}}) is a Georgian-Kazakhstani technology entrepreneur and [[businessman]].<ref>{{cite web | url=https://georgiatoday.ge/mikheil-lomtadze-named-best-ceo-at-kazakhstan-growth-forum/ | title=Mikheil Lomtadze Named Best CEO at Kazakhstan Growth Forum | date=24 September 2021 }}</ref><ref name="ForbesBillionaires"/><ref>{{cite web | url=https://kaztag.info/en/news/mikhail-lomtadze-becomes-major-shareholder-of-kaspi-kz-and-kaspi-bank | title=Mikhail Lomtadze becomes major shareholder of Kaspi.kz and Kaspi Bank }}</ref> He is the Chairman of the board of Kazakhstan-based [[fintech]] Kaspi.
'''Mikheil Lomtadze''' ({{lang-ka|მიხეილ ლომთაძე|tr}}) is a Georgian-Kazakhstani technology entrepreneur and [[businessman]].<ref>{{cite web | url=https://georgiatoday.ge/mikheil-lomtadze-named-best-ceo-at-kazakhstan-growth-forum/ | title=Mikheil Lomtadze Named Best CEO at Kazakhstan Growth Forum | date=24 September 2021 }}</ref><ref name="ForbesBillionaires"/><ref>{{cite web | url=https://kaztag.info/en/news/mikhail-lomtadze-becomes-major-shareholder-of-kaspi-kz-and-kaspi-bank | title=Mikhail Lomtadze becomes major shareholder of Kaspi.kz and Kaspi Bank }}</ref> He is the Chairman of the board of Kazakhstan-based [[fintech]] Kaspi.


⚫
In 2021, Lomtadze ranked third in the list of the 50 Richest Businessmen in Kazakhstan according to ''Forbes Kazakhstan''<ref name="forbes1">{{Cite web |url=https://forbes.kz/leader/50_bogateyshih_biznesmenov_kazahstana_-_2021_1621273818 |title=50 богатейших бизнесменов Казахстана — 2021 |website=forbes.kz}}</ref> and second among Georgian billionaires on ''Forbes''' [[The World's Billionaires]] list.<ref name="Forbes-GE">{{cite news |last1=Tsiramua |first1=Davit |title=Mikheil Lomtadze On Forbes Billionaires List |url=https://forbes.ge/mikheil-lomtadze-on-forbes-billionaires-list/ |access-date=26 September 2024 |work=Forbes Georgia |date=2021}}</ref>
In 2021, Lomtadze ranked third in the list of the 50 Richest Businessmen in Kazakhstan according to Forbes Kazakhstan.<ref name="forbes1"/>


== Education and early career ==
== Education and early career ==
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=== Kaspi ===
=== Kaspi ===

In 2006, Mikhail Lomtadze became a member of the board of directors of Kazakhstan's Caspian Bank, and, a year later, became chairman of the bank's board. In 2011, Lomtadze rebranded the bank.<ref name="ForbesBillionaires">{{cite web |title=Mikhail Lomtadze |url=https://www.forbes.com/profile/mikhail-lomtadze/ |website=Forbes |access-date=7 May 2024}}</ref><ref>{{cite web | url=https://cbw.ge/business/secret-of-2-billion-what-caused-the-success-of-kazakh-kaspi-at-lse-run-by-mikheil-lomtadze | title=Secret of $2 Billion - What Caused the Success of Kazakh Kaspi at LSE, run by Mikheil Lomtadze? }}</ref><ref>{{cite web | url=https://forbes.kz/finances/markets/kaspikz_once_again_recognized_as_1_in_e-commerce/?utm_source=forbes&utm_medium=mlt_articles%7Ctitle=Kaspi.kz | title=Kaspi.kz once again recognized as # 1 in e-commerce | date=16 September 2021 }}</ref>
In 2006, Mikhail Lomtadze became a member of the board of directors of Kazakhstan's Caspian Bank, and, a year later, became chairman of the bank's board. In 2011, Lomtadze rebranded the bank.<ref name="ForbesBillionaires">{{cite web |title=Mikhail Lomtadze |url=https://www.forbes.com/profile/mikhail-lomtadze/ |website=Forbes |access-date=7 May 2024}}</ref><ref>{{cite web | url=https://cbw.ge/business/secret-of-2-billion-what-caused-the-success-of-kazakh-kaspi-at-lse-run-by-mikheil-lomtadze | title=Secret of $2 Billion - What Caused the Success of Kazakh Kaspi at LSE, run by Mikheil Lomtadze? }}</ref><ref>{{cite web | url=https://forbes.kz/finances/markets/kaspikz_once_again_recognized_as_1_in_e-commerce/?utm_source=forbes&utm_medium=mlt_articles%7Ctitle=Kaspi.kz | title=Kaspi.kz once again recognized as # 1 in e-commerce | date=16 September 2021 }}</ref>


In 2018, Lomtadze announced plans to hold an [[initial public offering]], but, in 2019, postponed its London listing due to uncertainty in international stock markets and in the global technology sector in particular.<ref>{{cite web | url=https://cbw.ge/business/mikheil-lomtadze-becomes-a-billionaire-as-a-result-of-listing-kaspi-on-lse | title=Mikheil Lomtadze becomes a Billionaire as a Result of Listing Kaspi on LSE }}</ref> Kaspi.kz's eventual October 2020 IPO was oversubscribed five times, valued the business at $6.5 billion,<ref name=AstanaT>{{cite web | url=https://astanatimes.com/2021/12/kazakhstan-attracts-over-us370-billion-in-fdi-since-independence/ | title=Kazakhstan Attracts over US$370 Billion in FDI Since Independence | work=Astana Times |date=6 December 2021 }}</ref> and was recognized as Europe's fourth largest IPO in 2020.<ref>{{cite web |date=16 October 2020 |title=Fintech star Kaspi.kz most valuable ever listed Kazakh company after huge London IPO |url=https://www.intellinews.com/fintech-star-kaspi-kz-most-valuable-ever-listed-kazakh-company-after-huge-london-ipo-194351/ |website=BNE Intellinews}}</ref>
In 2018, Lomtadze announced plans to hold an [[initial public offering]], but, in 2019, postponed its London listing due to uncertainty in international stock markets and in the global technology sector in particular.<ref>{{cite web | url=https://cbw.ge/business/mikheil-lomtadze-becomes-a-billionaire-as-a-result-of-listing-kaspi-on-lse | title=Mikheil Lomtadze becomes a Billionaire as a Result of Listing Kaspi on LSE }}</ref> Kaspi.kz's eventual October 2020 IPO was oversubscribed five times, valued the business at $6.5 billion,<ref name=AstanaT>{{cite web | url=https://astanatimes.com/2021/12/kazakhstan-attracts-over-us370-billion-in-fdi-since-independence/ | title=Kazakhstan Attracts over US$370 Billion in FDI Since Independence | work=Astana Times |date=6 December 2021 }}</ref> and was recognized as Europe's fourth largest IPO in 2020.<ref>{{cite web |date=16 October 2020 |title=Fintech star Kaspi.kz most valuable ever listed Kazakh company after huge London IPO |url=https://www.intellinews.com/fintech-star-kaspi-kz-most-valuable-ever-listed-kazakh-company-after-huge-london-ipo-194351/ |website=BNE Intellinews}}</ref>


Following the IPO, Kazakhstan's president, [[Kassym-Jomart Tokayev]] had several meetings with Lomtadze and Kaspi chairman Vyacheslav Kim, recognising that the company's success benefited the Kazakh economy,<ref name=AstanaT/> discussing the development of fintech, e-commerce, digital payments and transition to a cashless economy,<ref>{{cite web | url=https://forbes.kz/process/kaspikz_founders_met_with_the_president_of_kazakhstan/ | title=Kaspi.kz founders met with the President of Kazakhstan | date=25 February 2020 }}</ref> and identifying potential areas of joint activity.<ref>{{cite web | url=https://www.akorda.kz/en/events/akorda_news/meetings_and_receptions/the-president-receives-kaspikz-founders | title=The President receives Kaspi.kz founders — Official website of the President of the Republic of Kazakhstan }}</ref>
Following the IPO, Kazakhstan's president, [[Kassym-Jomart Tokayev]] had several meetings with Lomtadze and Kaspi chairman Vyacheslav Kim, recognising that the company's success benefited the Kazakh economy,<ref name=AstanaT/> discussing the development of fintech, e-commerce, digital payments and transition to a cashless economy,<ref>{{cite web | url=https://forbes.kz/process/kaspikz_founders_met_with_the_president_of_kazakhstan/ | title=Kaspi.kz founders met with the President of Kazakhstan | date=25 February 2020 }}</ref> and identifying potential areas of joint activity.<ref>{{cite web | url=https://www.akorda.kz/en/events/akorda_news/meetings_and_receptions/the-president-receives-kaspikz-founders | title=The President receives Kaspi.kz founders — Official website of the President of the Republic of Kazakhstan }}</ref> In January 2022, amid the [[2022 Kazakh unrest]] and associated crackdowns on financial services in the country, the stock sank 31% and wiped out billions of dollars in its owners' stake.<ref name="Bloomberg-2022">{{cite news |last1=Sazonov |first1=Alex |title=Fintech Duo From Once Hot U.K. IPO Lose Billions on Kazakh Riots |url=https://www.bloomberg.com/news/articles/2022-01-11/fintech-duo-from-once-hot-u-k-ipo-lose-billions-on-kazakh-riots |access-date=26 September 2024 |work=Bloomberg |date=January 11, 2022}}</ref>


In January 2024, Kaspi became the latest London-listed group to sell shares on the New York Stock Exchange.<ref name=":0">{{Cite news |last=Megaw |first=Nicholas |date=21 January 2024 |title=Kaspi looks beyond London listing to brighter lights of New York |url=https://www.ft.com/content/f9422d0c-9157-49ce-99c4-df69b947dadf |access-date=7 May 2024 |work=Financial Times}}</ref> The company reported revenue of $2.8bn in the first nine months of 2023, and net income of $1.3bn. Its London-listed shares had almost tripled since their debut in 2020.<ref name=":0" />
In January 2024, Kaspi became the latest London-listed group to sell shares on the New York Stock Exchange.<ref name=":0">{{Cite news |last=Megaw |first=Nicholas |date=21 January 2024 |title=Kaspi looks beyond London listing to brighter lights of New York |url=https://www.ft.com/content/f9422d0c-9157-49ce-99c4-df69b947dadf |access-date=7 May 2024 |work=Financial Times}}</ref> The company reported revenue of $2.8bn in the first nine months of 2023, and net income of $1.3bn. Its London-listed shares had almost tripled since their debut in 2020.<ref name=":0" />

In February 2021, Mikhail Lomtadze participated in the plenary session of the annual international forum Digital Almaty 2021: Digital Reset: a Leap Into a New Reality.<ref>{{Cite web |url=https://www.gov.kz/memleket/entities/mdai/press/news/details/156720 |title=В Алматы стартовал ежегодный международный форум «Digital Almaty 2021»|website=www.gov.kz|date=2021-02-05|access-date=2021-03-15 |archive-date=2021-11-30 |archive-url=https://web.archive.org/web/20211130122744/https://www.gov.kz/memleket/entities/mdai/press/news/details/156720}}</ref>


=== Other projects ===
=== Other projects ===
Between 2006 and 2010 he was a member of the board of the Russian Center for Financial Technologies.<ref>{{Cite web |url=https://www.vedomosti.ru/newspaper/articles/2006/06/27/baring-vostok-priglyanulas-zolotaya-korona |title=Baring Vostok приглянулась «Золотая корона»|website=www.vedomosti.ru|date=27 June 2006 }}</ref>
Between 2006 and 2010 he was a member of the board of the Russian Center for Financial Technologies.<ref>{{Cite web |url=https://www.vedomosti.ru/newspaper/articles/2006/06/27/baring-vostok-priglyanulas-zolotaya-korona |title=Baring Vostok приглянулась «Золотая корона»|website=www.vedomosti.ru|date=27 June 2006 }}</ref>


In February 2013, Mikhail Lomtadze, together with Vyacheslav Kim, acquired the merged company Kolesa, Krysha, Market for $15 million, and became chairman of its supervisory board.<ref>{{Cite web |url=https://azh.kz/ru/news/view/13708 |title=Сменились владельцы сайтов и газет «Колеса» и «Крыша»|website=azh.kz}}</ref>
In February 2013, Lomtadze and Vyacheslav Kim acquired the merged company Kolesa, Krysha, Market for $15 million, and Lomtadze became chairman of its supervisory board.<ref>{{Cite web |url=https://azh.kz/ru/news/view/13708 |title=Сменились владельцы сайтов и газет «Колеса» и «Крыша»|website=azh.kz}}</ref>


In 2017, he invested more than 1 billion rubles in Automama.ru, a retail network for used cars.<ref>{{Cite web |url=http://inthepress.ru/press/p416908.html |title=Automama упрощает получение автокредита |website=inthepress.ru}}</ref>
In 2017, he invested more than 1 billion rubles in Automama.ru, a retail network for used cars.<ref>{{Cite web |url=http://inthepress.ru/press/p416908.html |title=Automama упрощает получение автокредита |website=inthepress.ru}}</ref>


In 2024, Mikhail Lomtadze became a board member and partner of the English professional association football club [[Wycombe Wanderers F.C.]].<ref>{{Cite web |url=https://en.inform.kz/news/foreign-media-on-kazakhstan-kaspikz-shareholder-mikhail-lomtadze-buys-a-football-club-eeu-economic-integration-meeting-in-moscow-china-kazakhstan-trade-logistic-cooperation-eb03e1/|title=Foreign media on Kazakhstan: Kaspi.kz shareholder Mikhail Lomtadze buys a football club, EEU Economic Integration meeting in Moscow, China-Kazakhstan Trade Logistic cooperation |website=en.inform.kz}}</ref>
In 2024, Lomtadze became a board member and partner of the English professional association football club [[Wycombe Wanderers F.C.]].<ref>{{Cite web |url=https://en.inform.kz/news/foreign-media-on-kazakhstan-kaspikz-shareholder-mikhail-lomtadze-buys-a-football-club-eeu-economic-integration-meeting-in-moscow-china-kazakhstan-trade-logistic-cooperation-eb03e1/|title=Foreign media on Kazakhstan: Kaspi.kz shareholder Mikhail Lomtadze buys a football club, EEU Economic Integration meeting in Moscow, China-Kazakhstan Trade Logistic cooperation |website=en.inform.kz}}</ref> In the same year, he acquired the Wycombe Wanderers, buying out 90% of its shares.<ref name="BBC-05May2024">{{cite news |title=Kazakhstan billionaire takes over League One Wycombe |url=https://www.bbc.co.uk/sport/football/articles/crgy1k89zgko |access-date=7 May 2024 |work=BBC Sport |date=5 May 2024}}</ref>

In the same year, he acquired Wycombe Wanderers, buying out 90% of its shares.<ref name="BBC-05May2024">{{cite news |title=Kazakhstan billionaire takes over League One Wycombe |url=https://www.bbc.co.uk/sport/football/articles/crgy1k89zgko |access-date=7 May 2024 |work=BBC Sport |date=5 May 2024}}</ref>

==Net worth==
⚫
In 2021 Lomtadze ranked third in the list of the 50 Richest Businessmen in Kazakhstan according to Forbes Kazakhstan, with a net worth of $3,9 billion and 7th in the list of The Most Influential Businessmen in Kazakhstan.<ref name="forbes1">{{Cite web |url=https://forbes.kz/leader/50_bogateyshih_biznesmenov_kazahstana_-_2021_1621273818 |title=50 богатейших бизнесменов Казахстана — 2021 |website=forbes.kz}}</ref> Mikhail Lomtadze has been featured on the Forbes Global Billionaires List since 2021, rising from the initial 956th position to the 581st in 2024, with a net worth estimated at $5.3 billion.<ref>{{Cite web|url=https://forbes.kz/leader/shest_kazahstantsev_-_v_spiske_bogateyshih_lyudey_mira|title=Шесть казахстанцев - в списке богатейших людей мира|website=www.forbes.kz}}</ref><ref>{{Cite web|url=https://www.forbes.com/profile/mikhail-lomtadze/|title=Mikhail Lomtadze - Forbes|website=forbes.com}}</ref>

== Recognition ==
In December [[2012]], Lomtadze was awarded the [[Order of Kurmet]] for his contribution to the development of Kazakhstan's economy and banking system.<ref>{{Cite web|url= https://7kun.kz/mihail-lomtadze-qurmet-ordenimen-marapattaldy|title= Михаил Ломтадзе «Құрмет» орденімен марапатталды |website=7kun.kz |lang=kk|date=2022-04-23 |access-date=2022-08-13|archive-date=2021-11-17|archive-url=https://web.archive.org/web/20211117135336/https://7kun.kz/mihail-lomtadze-qurmet-ordenimen-marapattaldy/}}</ref>

In June 2020, Lomtadze was awarded the [[People’s Gratitude medal]] for his contributions to Kazakhstan's [[COVID-19 pandemic]] response.<ref>{{cite web |url=https://forbes.kz/life/mikhail_lomtadze_awarded_the_peoples_gratitude_medal_by_the_president_of_kazakhstan/ |title=Mikhail Lomtadze awarded the 'People's Gratitude' medal by the President of Kazakhstan|lang=en|website=forbes.kz|date=2020-06-26 |access-date=2022-08-13|archive-date=2021-12-15|archive-url= https://web.archive.org/web/20211215110613/https://forbes.kz//life/mikhail_lomtadze_awarded_the_peoples_gratitude_medal_by_the_president_of_kazakhstan}}</ref>
In December 2021, he was awarded the [[Order of Friendship (Kazakhstan)|Order of Friendship]] for a significant contribution to the social and economic development of Kazakhstan.<ref>{{cite web|url=https://primeminister.kz/en/news/kr-premer-ministri-a-mamin-tauelsizdiktin-30-zhyldygyna-oray-memlekettik-nagradalardy-tabystady-13114934|title=Prime Minister of Kazakhstan Askar Mamin presents state awards on 30th anniversary of Independence |lang=en|website=primeminister.kz |date=2021-12-13|access-date=2022-08-13|archive-date=2021-12-20|archive-url=https://web.archive.org/web/20211220042957/https://primeminister.kz/en/news/kr-premer-ministri-a-mamin-tauelsizdiktin-30-zhyldygyna-oray-memlekettik-nagradalardy-tabystady-13114934}}</ref>

Between 2017 and 2021, Lomtadze was recognised as the best CEO in Kazakhstan, according to the Kazakhstan Growth Forum and respondents to a [[PricewaterhouseCoopers]] survey.<ref>{{Cite web |url=https://kapital.kz/finance/72242/kto-luchshe-vsego-rukovodit-kompaniyami-v-kazahstane.html |title=Кто лучше всего руководит компаниями в Казахстане?|website=kapital.kz|lang=ru|date=2018-09-20|access-date=2022-08-14|archive-date=2019-09-23|archive-url=https://web.archive.org/web/20190923044018/https://kapital.kz/finance/72242/kto-luchshe-vsego-rukovodit-kompaniyami-v-kazahstane.html}}</ref><ref>{{Cite web |url=https://inbusiness.kz/ru/last/glava-kaspi-kz-mihail-lomtadze-priznan-luchshim-pervym-rukovoditelem-kazahstanskoj-kompanii-2019-country-s-best-ceos|title=Глава Kaspi.kz Михаил Ломтадзе признан лучшим первым руководителем казахстанской компании — 2019 Country's Best CEOs|website=inbusiness.kz|lang=ru|date=2019-09-20|access-date=2022-08-14|archive-date=2021-12-08 |archive-url=https://web.archive.org/web/20211208160621/https://inbusiness.kz/ru/last/glava-kaspi-kz-mihail-lomtadze-priznan-luchshim-pervym-rukovoditelem-kazahstanskoj-kompanii-2019-country-s-best-ceos}}</ref><ref>{{Cite web|url=https://cbw.ge/business/kazakhstan-growth-forum-names-mikheil-lomtadze-as-the-best-ceo|title=Kazakhstan Growth Forum Names Mikheil Lomtadze as the Best CEO|website=cbw.ge|access-date=2022-08-14}}</ref>

In 2020, for the first time, the [[Forbes]] Kazakhstan magazine announced two winners of the Businessman of the Year Award – Vyacheslav Kim and Lomtadze.<ref>{{Cite web|url=https://forbes.kz/leader/duumvirat_forbes_kazakhstan_opredelilsya_s_vyiborom_luchshego_biznesmena_2020_goda/|title=Дуумвират: Forbes Kazakhstan определился с выбором лучшего бизнесмена 2020 года|website=forbes.kz|lang=ru|date=2021-01-08|access-date=2022-08-10}}</ref> A key factor in selecting two representatives of the same company was its successful IPO on the [[London Stock Exchange]] in October 2020.<ref>{{Cite web|url=https://www.forbes.com/sites/kenrapoza/2020/10/15/kazakhstan-fintech-firm-kaspi-surprises-with-huge-london-ipo/?sh=29a83531470e|title=Kazakhstan Fintech Firm Kaspi Surprises With Huge London IPO|website=www.forbes.com|lang=en|date=2020-10-15|access-date=2022-08-10|archive-date=2022-08-16|archive-url=https://web.archive.org/web/20220816120741/https://www.forbes.com/sites/kenrapoza/2020/10/15/kazakhstan-fintech-firm-kaspi-surprises-with-huge-london-ipo/?sh=29a83531470e}}</ref>


== References ==
== References ==

Latest revision as of 16:52, 27 September 2024

Mikheil Lomtadze
მიხეილ ლომთაძე
Born (1975-10-17) October 17, 1975 (age 48)
Batumi, Georgia
Alma materHarvard Business School
OccupationBusinessman
AwardsOrder of Kurmet

Mikheil Lomtadze (Georgian: მიხეილ ლომთაძე, romanized: mikheil lomtadze) is a Georgian-Kazakhstani technology entrepreneur and businessman.[1][2][3] He is the Chairman of the board of Kazakhstan-based fintech Kaspi.

In 2021, Lomtadze ranked third in the list of the 50 Richest Businessmen in Kazakhstan according to Forbes Kazakhstan[4] and second among Georgian billionaires on Forbes' The World's Billionaires list.[5]

Education and early career

[edit]

Lomtadze obtained his BBA degree from the European School of Management, Georgia in 1997, and Master of Business Administration (MBA) degree from Harvard Business School in 2002.[6]

Career

[edit]

In 1995, Lomtadze founded Georgia Consulting Group Audit. The company provided auditing and consulting services. In 2002, Lomtadze sold the firm, which became part of Ernst & Young's global network.[7] He then embarked on a career at private equity fund Baring Vostok Capital Partners, first as a project manager, and later as a partner.[8][9]

Kaspi

[edit]

In 2006, Mikhail Lomtadze became a member of the board of directors of Kazakhstan's Caspian Bank, and, a year later, became chairman of the bank's board. In 2011, Lomtadze rebranded the bank.[2][10][11]

In 2018, Lomtadze announced plans to hold an initial public offering, but, in 2019, postponed its London listing due to uncertainty in international stock markets and in the global technology sector in particular.[12] Kaspi.kz's eventual October 2020 IPO was oversubscribed five times, valued the business at $6.5 billion,[13] and was recognized as Europe's fourth largest IPO in 2020.[14]

Following the IPO, Kazakhstan's president, Kassym-Jomart Tokayev had several meetings with Lomtadze and Kaspi chairman Vyacheslav Kim, recognising that the company's success benefited the Kazakh economy,[13] discussing the development of fintech, e-commerce, digital payments and transition to a cashless economy,[15] and identifying potential areas of joint activity.[16] In January 2022, amid the 2022 Kazakh unrest and associated crackdowns on financial services in the country, the stock sank 31% and wiped out billions of dollars in its owners' stake.[17]

In January 2024, Kaspi became the latest London-listed group to sell shares on the New York Stock Exchange.[18] The company reported revenue of $2.8bn in the first nine months of 2023, and net income of $1.3bn. Its London-listed shares had almost tripled since their debut in 2020.[18]

Other projects

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Between 2006 and 2010 he was a member of the board of the Russian Center for Financial Technologies.[19]

In February 2013, Lomtadze and Vyacheslav Kim acquired the merged company Kolesa, Krysha, Market for $15 million, and Lomtadze became chairman of its supervisory board.[20]

In 2017, he invested more than 1 billion rubles in Automama.ru, a retail network for used cars.[21]

In 2024, Lomtadze became a board member and partner of the English professional association football club Wycombe Wanderers F.C..[22] In the same year, he acquired the Wycombe Wanderers, buying out 90% of its shares.[23]

References

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  1. ^ "Mikheil Lomtadze Named Best CEO at Kazakhstan Growth Forum". 24 September 2021.
  2. ^ a b "Mikhail Lomtadze". Forbes. Retrieved 7 May 2024.
  3. ^ "Mikhail Lomtadze becomes major shareholder of Kaspi.kz and Kaspi Bank".
  4. ^ "50 богатейших бизнесменов Казахстана — 2021". forbes.kz.
  5. ^ Tsiramua, Davit (2021). "Mikheil Lomtadze On Forbes Billionaires List". Forbes Georgia. Retrieved 26 September 2024.
  6. ^ "Mikhail Lomtadze: Another Globally Renowned Georgian on the Forbes Billionaires List". 2021-04-28. Archived from the original on 2022-07-29. Retrieved 2022-08-15.
  7. ^ "Правила игры ЦБ сможет проверять банки повторно". www.kommersant.ru (in Russian). 2003-01-15. Retrieved 2022-08-10.
  8. ^ "Georgian Billionaires". forbes.ge. 2021-07-13. Retrieved 2022-08-10.
  9. ^ "Mikheil Lomtadze — the Georgian who became a Kazakh billionaire". www.investor.ge. 10 December 2020. Archived from the original on 2022-03-27. Retrieved 2022-08-10.
  10. ^ "Secret of $2 Billion - What Caused the Success of Kazakh Kaspi at LSE, run by Mikheil Lomtadze?".
  11. ^ "Kaspi.kz once again recognized as # 1 in e-commerce". 16 September 2021.
  12. ^ "Mikheil Lomtadze becomes a Billionaire as a Result of Listing Kaspi on LSE".
  13. ^ a b "Kazakhstan Attracts over US$370 Billion in FDI Since Independence". Astana Times. 6 December 2021.
  14. ^ "Fintech star Kaspi.kz most valuable ever listed Kazakh company after huge London IPO". BNE Intellinews. 16 October 2020.
  15. ^ "Kaspi.kz founders met with the President of Kazakhstan". 25 February 2020.
  16. ^ "The President receives Kaspi.kz founders — Official website of the President of the Republic of Kazakhstan".
  17. ^ Sazonov, Alex (January 11, 2022). "Fintech Duo From Once Hot U.K. IPO Lose Billions on Kazakh Riots". Bloomberg. Retrieved 26 September 2024.
  18. ^ a b Megaw, Nicholas (21 January 2024). "Kaspi looks beyond London listing to brighter lights of New York". Financial Times. Retrieved 7 May 2024.
  19. ^ "Baring Vostok приглянулась «Золотая корона»". www.vedomosti.ru. 27 June 2006.
  20. ^ "Сменились владельцы сайтов и газет «Колеса» и «Крыша»". azh.kz.
  21. ^ "Automama упрощает получение автокредита". inthepress.ru.
  22. ^ "Foreign media on Kazakhstan: Kaspi.kz shareholder Mikhail Lomtadze buys a football club, EEU Economic Integration meeting in Moscow, China-Kazakhstan Trade Logistic cooperation". en.inform.kz.
  23. ^ "Kazakhstan billionaire takes over League One Wycombe". BBC Sport. 5 May 2024. Retrieved 7 May 2024.
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