A Billion from Kulibayev: What is Known About the Oligarch's Deal with the State

A source for Orda.kz confirmed that Timur Kulibayev is discussing a deal with the Kazakh authorities regarding the return of assets.

Bloomberg previously reported that the oligarch agreed to pay the state about a billion dollars in cash and investments to avoid claims as part of a state investigation.

According to information obtained by Orda.kz, as part of the deal, investment is being directed into the Aqtobe Oil Equipment Plant JSC. This facility was formerly under the control of Dinmukhamet Idrisov, who holds the 17th position in Kazakhstan's Forbes ranking.

The plant underwent an unexpected ownership change at the end of last year.

Our source indicates that Timur Kulibayev is the driving force behind this transaction. The controlling stake in the Aqtobe Oil Equipment Plant was acquired by Aidar Amanzholov, who is reportedly acting on Kulibayev's behalf.

This acquisition is part of the informal agreement regarding Kulibayev's billion-dollar payment to the state.

Questions remain about the benefit to the authorities when a major asset transfers from one oligarch to another.

One possibility is that Timur Kulibayev has been tasked with making substantial investments in the plant's development.

The second asset under consideration is Neftestroyservis LTD LLP, a leading construction and service company in the country's western region.

Their operations include the production of asphalt, concrete, curbs, and sandwich panels.

The company employs over 4,200 people and reported revenue of approximately 53.4 billion tenge for 2024. In 2023, they paid 8.7 billion tenge in taxes. Ibragim Akdrashev (ranked 60th in Kazakhstan's Forbes list) is the sole founder (stakeholder) of the LLP.

Neftestroyservis LTD holds a significant position in the oilfield services sector, collaborating with major players, including Tengizchevroil, CPC, NCOC, and Karachaganak Petroleum Operating.

Kulibayev's auditors are currently at the enterprise. The deal to purchase it has not yet been completed, but it is planned, the source said.

The acquisition and planned development of both JSC Aqtobe Oil Equipment Plant and Neftestroyservis LTD LLP appear to be components of the agreement between Timur Kulibayev and the state, as reported by Bloomberg.

These arrangements have not received official confirmation.

In November 2024, reports emerged of another asset recovery lawsuit being filed against Timur Kulibayev (one of Kazakhstan's wealthiest businessmen and son-in-law of Nursultan Nazarbayev).

Original Author: Nikita Drobny