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, which has increased by 700 million dollars over the past year. In the global Forbes billionaire rankings, Kulibayev is positioned at 612 this year.

2024-12-18 09:16:06https://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 totaling over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kulibaev holds stakes in around twenty oil extraction and trading companies.

All of this property was acquired by the couple during Nazarbayev's presidency. However, now that the first president has stepped down, Kulibaev may face legal challenges. 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 Kazakhstani oil. Bapi stated that a significant portion of the revenues from the sale of Kazakh oil goes to companies owned by Kulibaev: there are over 200 of them, registered in 22 countries worldwide. According to the deputy, the oligarch is reaping extraordinary profits while Kazakhstan is plugging budget gaps through external loans and spending 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 domestically and at completely different [prices] abroad through swap operations. The difference ends up in offshore accounts and foreign companies, " said Ermurad Bapi. "It’s time to be satisfied with what you have already received. We need to leave something for future generations!”

Bapi emphasized that there is a pressing need in Kazakhstan for the establishment of a National Operator for the export of mineral resources. With its emergence, he believes, individuals including Kulibaev will cease to enrich themselves through the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kulibaev on the list of individuals the Kazakh state intends to make slightly poorer was made a year ago. Following this, 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, all of which were dismissed. At that time, the agency refused to disclose information regarding the oligarch's assets claimed by the state, stating that such information pertains to state secrets.

As reported by 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 surfaced suggesting that Kulibaev allegedly reached a pre-trial settlement with the Kazakh authorities: 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.