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

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

In addition, Kulibaev holds stakes in two dozen oil extraction and trading companies.

All of this property was acquired by the couple during Nazarbayev's rule. However, now that the first president has stepped down, Kulibaev may face legal action. 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 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 super-profits while Kazakhstan is filling 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 the accounts of foreign companies,” Ermurad Bapi stated. “It’s time to be satisfied with what has already been gained. Something needs to be left for future generations!”

Bapi emphasized that the question of creating a National Operator for the export of mineral resources has become urgent in Kazakhstan. In his opinion, with its emergence, certain individuals, including Kulibaev, will stop enriching themselves through the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kulibaev on the list of individuals that the Kazakh state 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 is classified as state secrets.

According to Nege.Aqsha, the decision of the Asset Recovery Commission on October 13, 2023, included Kulibaev in a secret list of oligopoly subjects whose assets may be returned to the state.

At the same time, media reports emerged suggesting that Kulibaev 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 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.