Will Nazarbayev's son-in-law be prosecuted? What consequences await Timur Kulibayev, 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 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.

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

All this property was acquired by the couple during Nazarbayev's presidency. However, now that the first president is out of power, Kulibaev may face legal challenges. According to the Telegram channel Nege Aqsha, the oligarch has been sued by the Asset Recovery Committee of the Prosecutor General's Office: this became known after relevant information appeared on the "Judicial Cabinet" portal.

In this context, Mazhilis deputy Ermurad Bapi accused the oligarch of earning excessive profits from the sale of Kazakh oil. Bapi stated that a significant portion of the income generated from the sale of Kazakh oil goes to companies owned by Kulibaev: there are over 200 of them, registered in 22 countries around the world. According to the deputy, the oligarch is reaping super profits while Kazakhstan is patching budget holes through external loans and using the National Fund's resources, 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] outside its borders 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 received. We need to leave something for future generations!”

Bapi emphasized that the question of creating a National Operator for the export of mineral resources has become urgent in Kazakhstan. With its emergence, in his opinion, 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 this, in the spring of 2024, representatives of Timur Kulibaev filed three lawsuits against the Asset Recovery Committee of the Prosecutor General's Office of Kazakhstan, all of which were dismissed. 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 the decision of the asset recovery commission on October 13, 2023, Kulibaev was included in a classified list of oligopoly subjects whose assets may be returned to the state.

Meanwhile, media reports emerged suggesting that Kulibaev allegedly reached some pre-trial agreement 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, that is, two billion dollars. However, this information has not been officially confirmed by anyone.