APDC Investigates Kulibayev and Abulgazin-Linked Company in Atyrau
Photo: Elements.envato.com, ill. purposes
The Atyrau Regional Department of the Agency for Protection and Development of Competition ("APDC") has launched an investigation into Batys Petroleum LLP, suspected of abusing its monopoly position, Orda.kz reports.
According to the regional Agency office, a local entrepreneur filed a complaint against Batys Petroleum.
During an unscheduled analysis, the agency discovered that the company had set and maintained monopolistically high prices for repair services for tank cars that transport petroleum products.
The investigation is ongoing.
If a violation of antimonopoly legislation is confirmed, measures will be taken against Batys Petroleum, including a fine of 3-5% of annual turnover, confiscation of monopoly income, or an order to reduce prices to an economically justified level, the department stated.
Batys Petroleum LLP, registered in Atyrau in May 2015, specializes in the maintenance, inspection, and repair of tank cars and preparing tanks for loading petroleum products.
According to enbek.kz, the company employs around 200 people.
However, the most intriguing aspect of this case is the company’s ultimate ownership. Batys Petroleum is wholly owned by Petroleum LLP, which is controlled by three legal entities: PTC Holding, Eridan Invest LLP, and Neoholding LLP.
PTC Holding is linked to structures associated with Timur Kulibayev, Nursultan Nazarbayev's son-in-law and Kazakhstan’s second-richest businessman.
Kulibayev controls this entity through Joint Technologies LLP, which is, in turn, owned by his Kipros LLP.
Another co-owner of Petroleum, Neoholding LLP, is jointly owned by Joint Technologies, the Dutch-registered ADNTS Holding B.V. (also linked to Kulibayev), and businessman Daniyar Abulgazin, who ranks 21st on Kazakhstan’s Forbes list.
This is not the first time the Agency has raised concerns about companies linked to Kulibayev.
Last year, the agency fined Liquefied Petroleum Gas Storage Park LLP — controlled by the oligarch — over a billion tenge.
Original Authors: Daniel Arturov, Nikita Drobny
Latest news
- Who Will Be Able To Create New Regions In Kazakhstan? Parliament Defines Powers
- Nazarbayev’s Grandson, Freedom Founder And Ordabasy’s Future Owner Among Kazakhstan’s Youngest Richest Businessmen
- Deputy Says Salary Is Not Enough, Asked His Wife To Work
- Kazakhstan Is Buying Fewer Drones, But Paying More For Them
- Kazakhstan And Turkey To Create UAV Production Enterprise — What Else The Presidents Agreed On
- KTZ Top Management Pay Tops One Billion Tenge
- “We Are Being Asked to Approve an Illegal Project”: Environmentalists Demand Halt to Almaty Mountain Development
- Pentagon May Add $400 Million to Kazakh Tungsten Project Linked to Trump’s Sons
- Kazakhstan To Tighten Biometric Authentication Rules
- Kazakhstan To Recruit Public Assistants To Help Prevent Financial Crimes
- AI Could Replace Up To 400,000 Jobs In Kazakhstan, Labor Ministry Says
- Almaty Police Put More Than 3,000 Domestic Violence Offenders On Preventive Register
- Kazakhstan To Introduce Workplace Harassment Liability
- 10 Suspected Of Serious Crimes, Extortion, And Armed Hooliganism Detained In Almaty
- Kazakh Employers To Give Written Notice Of Changes To Working Conditions
- Kazakh Businesses Overpay Nearly 500 Billion Tenge For Employee Insurance, MP Says
- Kazakhstan Does Not Face Road Bitumen Shortage, Energy Ministry Says
- Kazakhstan To Introduce New State Orders And Awards
- How Much Water Will Kazakhstan’s First Nuclear Power Plant Need For Cooling?
- 149th Place And Five Detained Journalists: What Is Happening To Press Freedom In Kazakhstan
