Kinstellar > Tashkent, Uzbekistan > Firm Profile


Uzbekistan > Leading firms Tier 2

Kinstellar is a leading firm in corporate and finance work, with capital markets mandates having been a recent source of activity. Managing partner Joel Benjamin brings 25 years of experience to the team, having worked in the US and Kazakhstan prior to joining the firm’s Tashkent office.

Practice head(s):

Joel Benjamin


‘Excellent and reactive team.’

‘It is an absolute pleasure to work with Joel, Muborak and Salim.’

‘Kinstellar are a great firm in Uzbekistan, providing solid advice and being very resourceful and business-oriented. They have a wide range of practice areas and a good dialogue with all corporates and banks in the region.’

‘Muborak Kambarova is a very capable professional, with knowledge around all areas of capital markets, banking, corporate and tax law.’

‘Joel Benjamin provides invaluable insight and the team works very well together.’


Key clients

JP Morgan Securities Plc

Citigroup Global Markets

Catara Consulting (Europe) Ltd

Work highlights

  • Acted as local counsel to JP Morgan, Citigroup Global Markets, Gazprombank and MUFG Securities EMEA plc, as the joint lead managers, on the dual-tranche bond issuance by the Republic of Uzbekistan worth approximately $750 million, which included an approximately $200 million tranche denominated in Uzbek soum.
  • Legal advice as Uzbek counsel to Citigroup Global Markets, the lead manager, on the debut Reg S / Rule 144a Eurobond offering by National Bank of Uzbekistan (NBU), Uzbekistan’s largest bank by assets. The managers of the offering include Natixis and Sumitomo Mitsui Banking Corporation.
  • Acting as Uzbek counsel to Catara Consulting (Europe) Ltd., as the arranger, and the SPV lender that will raise financing via private issuance of bonds and lending the funds to UzPromStroyBank and to Joint-Stock Commercial Bank “Asaka” (Asaka Bank).