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 one of the wealthiest individuals in Kazakhstan. He holds the second position in the Kazakhstan Forbes rankings with a net worth of five billion dollars, having increased his wealth by 700 million dollars over the past year. In the global Forbes billionaire rankings, Kulibayev is currently ranked 612th.

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

Kulibaev and his wife oversee Halyk Bank, the largest commercial bank in the country. He owns the company "Mercury Properties," which is involved in leasing and managing commercial real estate with a total area of over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kulibaev holds stakes in dozens of oil extraction and oil trading companies.

All of these assets were acquired by the couple during Nazarbayev's presidency. However, now that the first president has stepped down, Kulibaev may face legal proceedings. According to the Telegram channel Nege Aqsha, the oligarch has been sued by the Asset Recovery Committee under the General Prosecutor's Office: this became known after relevant information appeared on the "Judicial Cabinet" portal.

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

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

Bapi emphasized that there is a pressing need in Kazakhstan to establish a National Operator for the export of mineral resources. With its emergence, in his opinion, certain individuals, including Kulibaev, will no longer enrich themselves through the resale of oil.

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

According to Nege.Aqsha, the decision of the asset recovery commission on October 13, 2023, included Kulibaev in a classified list of oligopoly subjects whose assets may be returned to the state.

Meanwhile, media reports have emerged suggesting that Kulibaev allegedly reached a pre-trial agreement with the authorities of Kazakhstan: under this agreement, he will pay the treasury around 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 Baydildinov. According to him, in reality, the Kazakh state received twice as much from the former president's son-in-law, amounting to two billion dollars. However, this information has not been officially confirmed by anyone.