NU informs that in connection with the civil lawsuit in relation to the Jusan Group, the activities of the university and the interests of its students will not be affected.
The activities of NU are financed from various sources, including the Republican Budget, the Nazarbayev Fund (not to be confused with the Nursultan Nazarbayev Foundation), the New Generation Fund (NGF), and other sources.
The NGF endowment fund is registered in the U.S., and in its bylaws state that its sole purpose is to provide funding for the educational system of NU (N.U.) and Nazarbayev Intellectual Schools (NIS). The choice of creating the NGF in the U.S. jurisdiction is due to the reliability of the corporate governance regime, strong commitment to the rule of law, and more significant opportunities for attracting donations from philanthropists and charities.
Jysan Holding, Jusan Technologies, and Jusan Bank are under the NGF endowment fund. The NGF has no physical (legal) shareholders (participants).
According to the lawsuit of the Prosecutor’s Office of Almaty, the plaintiff seeks to invalidate the transfer of ownership rights to Jusan Technologies and transfer the control of Jusan Bank to the Nazarbayev Fund, which has the same purpose as the NGF endowment fund – to provide funding for the activities of NU and NIS.
Thus, given that the lawsuit does not concern the work of Jusan Bank, NU, and NIS remain the beneficiaries of the bank’s work.
Additional information:
The NGF endowment fund is an endowment designed for non-profit purposes to finance education and science, established following the world’s leading research universities funding examples, such as Oxford, Cambridge, Stanford, the University of Singapore, and other universities. In the U.S., the first endowment fund was created by Harvard University graduates. The Harvard Endowment Fund is the largest in the world. Endowment funds ensure the viability of universities and the continuity of science funding, regardless of political and economic changes.
