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 the Kazakhstan Forbes list with a net worth of five billion dollars, having seen an increase of 700 million dollars over the past year. In the global Forbes billionaire rankings, Kulibayev holds the 612th position this year.

2024-12-17 09:16:05https://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.

In addition, Kuliabaev holds stakes in dozens of oil extraction and trading companies.

All of this property was acquired by the couple during Nazarbayev's rule. However, now that the former president has stepped down, Kuliabaev 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 revenues generated from the sale of Kazakh oil goes directly to companies owned by Kuliabaev: there are over 200 of them, registered in 22 countries worldwide. According to the deputy, the oligarch is reaping super-profits while Kazakhstan is patching budget holes through external loans and spending 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 within the country and at entirely different [prices] abroad through swap operations. The difference settles in offshore accounts and the accounts of foreign companies," said Ermurad Bapi. "It's time to be satisfied with what has already been gained. We need to leave something for future generations!”

Bapi emphasized that the question of establishing a National Operator for the export of mineral resources has become urgent in Kazakhstan. With its emergence, he believes, certain individuals, including Kuliabaev, will no longer profit from the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kuliabaev on the list of those the Kazakh state intends to make slightly poorer was made a year ago. After that, in the spring of 2024, representatives of Timur Kuliabaev 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 is classified as state secrets.

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

Meanwhile, media reports emerged claiming that Kuliabaev allegedly reached a pre-trial agreement with the authorities of Kazakhstan: under this agreement, 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, amounting to two billion dollars. However, this information has not been officially confirmed by anyone.