Maxim Telemtayev

Partner, Nur-Sultan


Maxim Telemtayev offers clients a “deep analysis of the situation” in the Kazakh market. He is a highly reputed figure with a broad range of commercial experience and is “very experienced doing big projects,” according to market sources. Clients would “recommend him for the most complicated transactions.”
Chambers Global 2018


With more than a decade's experience in sectors as diverse as energy, mining, power generation and banking, Maxim brings insight and know-how to major local and international clients.

Maxim works at the Firm's office in Nur-Sultan, but also supports companies with their corporate finance and commercial transactions across central Asia.

He delivers guidance and rigour to large and challenging public and private acquisitions, reorganisations and consolidations and applies his understanding to the transactional documentation and negotiations, legal due diligence and financing considerations of clients' deals.

His clients benefit from his hands-on involvement in their public offerings and listings on the global capital markets as well as in all matters relating to their mergers and acquisitions.

Additionally, Maxim supports the Kazakhstan government and industry bodies in developing relevant foreign investment, natural resources and other legislation.

Bars and Courts
Law Degree
Adilet Law School


Juridical Translators' Certificate
Adilet Law School




Representation of Kazakhtelecom JSC, the major telecommunications company owned by the Kazakhstan government, in the acquisition of 75% shares in Kcell JSC, one of the leading mobile operator in Kazakhstan from Telia Company and Fintur Holdings BV.

Representation of Resource Capital Funds, a mining-focused US-based private equity fund in a 35% equity acquisition of RG Gold, a gold mining company based in Kazakhstan.

Representation of Goldman Sachs & Co. LLC, an American multinational investment bank and financial services company, in relation to its acquisition of minority stake in Astana International Exchange, newly established stock exchange of Astana International Financial Center (AIFC), and to become a shareholder.

Representation of KazMunaiGas EP in relation to its buyback offer for shares and GDRs. This unique project required an innovative listing of the GDRs on KASE to permit a repurchase of GDRs in a tax efficient manner for holders and may become the first example of a company self-nationalising.

Representation of the China Development Bank in relation to the establishment of a representative office in the new established AIFC in Kazakhstan. The bank was the first registered foreign financial institution.

Representation of Kazzinc Limited, a subsidiary of Glencore plc, on its sale of Orion Minerals LLP, which owns the Komarovskoye gold deposit in the Republic of Kazakhstan, to Polymetal International plc. The total consideration payable to Orion Minerals was US$100 million in cash.

Representation of Kazzinc Limited, the largest polymetals producer in Kazakhstan, on its acquisition of Zhairem GOK JSC, a large producer of manganese, ferromagnesian and barite concentrates.

Representation of Eurasian Bank JSC, one of the leading commercial banks in Kazakhstan in acquisition of 100% voting shares in BankPozitif Kazakhstan JSC. Legal advice included deal structuring, legal due diligence, drafting sale-purchase agreement as well as assistance with closure of the transaction.

Representation of Alliance Bank JSC in consolidation of TemirBank JSC and ForteBank JSC to Alliance Bank JSC, the most complicated of all transactions in the Kazakhstan financial services sector since its establishment.

Acting as a legal counsel to the consortium of the international construction companies in connection with the construction and operation of the Big Almaty Ring Motor Road (BAKAD), the ring road around Almaty, the largest infrastructure concession project in Kazakhstan. Leading the team in representation of the consortium on all aspects of the project, including regulatory matters and negotiations with state bodies of the Republic of Kazakhstan.

Since 2013 leading the W&C team, who has been at the forefront of the subsoil use legislation improvement being a part of the working groups under the auspices of Ministry of Investments and Development and Ministry of Energy of the Republic of Kazakhstan and KazEnergy Association. Work includes amendments to the Subsoil Use Law and drafting New Subsoil Use Code of the Republic of Kazakhstan.

Speaking Engagements

"Investing in the Oil and Gas Industry: Legal Risks and Dispute Resolution Issues", October 2009: Kazakhstan International Oil and Gas Conference


Legal Aspects of Public Private Partnership projects in Kazakhstan, Oil & Gas Journal, March 2010

Awards and Recognition

The Only Leading Individual (Banking, Finance and Capital Markets), The Legal 500, 2018

Listed as a leading lawyer in 3 practices: Corporate/M&A, Mining and Energy, Who's Who Legal, 2018

Band 1 in Corporate & Finance and Band 2 in Energy & Natural Resources, Chambers Global, 2014-2018

Band 1 for Kazakhstan legal market, The Legal 500, 2012-2017