Will Nazarbayev's son-in-law face trial? What consequences await Timur Kulibayev, one of Kazakhstan's wealthiest individuals?

Timur Kulibayev, the son-in-law of former Kazakh President Nursultan Nazarbayev and husband of his middle daughter Dinara, is among the wealthiest individuals in Kazakhstan. He ranks second in Kazakhstan's Forbes list with a net worth of five billion dollars, which has increased by 700 million dollars over the past year. In this year's global Forbes billionaire rankings, Kulibayev holds the 612th position.

2024-12-15 09:16:09https://rus.azattyq.org/a/zyatya-nazarbaeva-budut-sudit-chto-grozit-timuru-kulibaevu/33216708.html

Kuliabaev and his wife oversee Halyk Bank, the largest commercial bank in the country. He owns the company "Mercury Properties," which specializes in leasing and managing commercial real estate totaling over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kuliabaev holds stakes in two dozen oil extraction and trading companies.

All of this property was acquired by the couple during Nazarbayev's presidency. However, now that the former president has stepped down, Kuliabaev may face trial. According to the Telegram channel Nege Aqsha, an appeal has been filed against the oligarch by the Asset Recovery Committee of the General Prosecutor's Office: this became known after relevant information appeared on the "Judicial Cabinet" portal.

In this context, Majilis deputy Yermurat Bapi accused the oligarch of earning excessive profits through the sale of Kazakh oil. Bapi stated that a significant portion of the revenue from Kazakh oil sales goes to companies owned by Kuliabaev: there are over 200 of them, registered in 22 countries around the world. According to the deputy, the oligarch is making super profits while Kazakhstan is patching budget holes through external loans and using funds from the National Fund, which was created as a fund for future generations.

"It is well known that Kazakh oil is sold at one price within the country and at completely different [prices] abroad through swap operations. The difference settles in offshore accounts and with foreign companies," said Yermurat Bapi. "It's time to be satisfied with what has already been acquired. Something needs to be left for future generations!"

Bapi emphasized that there is a pressing need in Kazakhstan to create a National Operator for the export of mineral resources. With its establishment, he believes that certain individuals, including Kuliabaev, will no longer enrich themselves through the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kuliabaev on the list of individuals that the Kazakh government intends to make slightly poorer was made a year ago. Following this, in the spring of 2024, representatives of Timur Kuliabaev filed three lawsuits against the Asset Recovery Committee of the General Prosecutor's Office of Kazakhstan, all of which were rejected. At that time, the agency refused to disclose information about the oligarch's assets that the state is claiming, stating that this information pertains to state secrets.

According to Nege.Aqsha, by a decision of the Asset Recovery Commission dated October 13, 2023, Kuliabaev was included in a classified list of oligopoly subjects whose assets may be returned to the state.

Meanwhile, media reports have emerged suggesting that Kuliabaev allegedly reached some pre-trial agreement with the authorities of Kazakhstan: under this, he would pay the treasury about one billion dollars in exchange for his "indulgence" and the opportunity to retain his assets.

This information was later commented on by oil and gas industry expert Olzhas Baidildinov. According to him, in reality, the Kazakh state received twice as much from the former president's son-in-law, that is, two billion dollars. However, this information has not been officially confirmed by anyone.