Following in The Footsteps of Jusan: Kulibayev's Company Paid Itself Record Dividends

JSC "Caspian Oil" did not differentiate itself from First Heartland Securities (the largest shareholder of JSC "Jusan Bank") and decided to pay a record amount of dividends for the first three quarters of 2022.

According to The Kazakhstan Stock Exchange's (KASE) website, The sole shareholder of JSC "Caspian Oil" has decided to pay dividends in the amount of 35.6 billion KZT. This is 356 thousand KZT per common share. Dividends, according to the attached report on the voting results, began to be paid on November 21, 2022.

According to the same document, the dividends in cash will be credited to the settlement account of Joint Resources JSC, the sole shareholder of the company.

The owner of Joint Resources JSC is Nursultan Nazarbayev's son-in-law, Timur Kulibayev. He is married to Dinara, the ex-president's middle daughter.

The founder of Joint Resources JSC is hidden on the e-government portal, only the number of founders is visible (see photo below).

Apparently, Dariga Nazarbayeva shared her "secret" with her closest relative and taught him how to circumvent the law on companies and partnerships.

However, according to Kompra, a due diligence service, Timur Kulibayev is still listed as the sole shareholder of Joint Resources JSC.

In 2019, the trust management of 100% of the shares of Caspian Oil JSC passed into the hands of Precious Oil Products B.V. and Management Consult LLP. They also belong to Timur Kulibayev through a number of foreign companies. It was only in 2020 that Joint Resources JSC regained control of Caspian Oil JSC, while Precious Oil Products B.V. left the shareholders.

In August 2022, the sole shareholder of Caspian Oil JSC decided to pay dividends for the second half of 2019, 2020, 2021 and the first quarter of 2022 for a total amount of 95.6 billion KZT.

In 2019, the shareholder decided to pay dividends for the first half of 2019 in the amount of 10 billion KZT. In the same year, the shareholder partially paid dividends for 2018 in the amount of 7.6 billion KZT (equivalent to $20 million on the day of payment). At the end of 2018, the shareholder paid themself dividends for the first half of 2018 in the amount of 12.8 billion KZT (equivalent to $ 34.7 million on the day of payment).

From 2018 to 2022, Kulibayev received 161.6 billion KZT in the form of dividends from Caspian Oil JSC.

The last time Kulibayev was in the media was during Toqayev's inauguration on November 26. However, he did not talk to journalists.

The issue of payment of the total amount of dividends by the shareholders of Jusan Bank will be decided on December 5.

Original Author: Jasmine Rizabekova