From Boranbayev To An Apartment: What Happened To A Valuable Oil Asset?

Read Orda.kz’s investigation into what happened to Kairat Boranbayev’s oil company — which he transferred to the state — and how several private firms registered in the same apartment became connected to it.

In October 2023, shareholders of Phystech II, an oil production company owned by Kairat Boranbayev, transferred 100% of their shares, valued at 35.4 billion tenge, to the state free of charge.

In December 2024, the National Welfare Fund Samruq-Qazyna announced that it had acquired all of Phystech II’s shares from the Ministry of Finance for 8.1 billion tenge through a public offering of its own shares.

Consequently, the fund reported an increase in net assets of 21.4 billion tenge in early 2025. Phystech II was soon added to the 2021–2025 privatization list, with plans to transfer it to a competitive market.

A New Company

After the change of ownership, a new company — North Karazhanbas Ltd. — was registered on October 20, 2025, at the Astana International Financial Center (AIFC).

According to AIFC data, its authorized capital is 16.6 billion tenge. The firm’s co-founder is MGA Holding Ltd., a private company owned by Gulmaral Myrzagarina.

The state’s oil asset, once fully under government control, has thus shifted to joint management through this new company.

The transaction amounts raise questions: the asset’s declared value (35.4 billion tenge) and the sale price (8.1 billion tenge) differ significantly.

It also remains unclear how much of the new company belongs to private owners — and why.

Majilis vs. AIFC

Earlier, members of the Majilis criticized the AIFC, calling it an “offshore haven for oligarchs.”

There’s another serious issue — the Astana International Financial Centre, which has become an offshore haven for domestic oligarchs. Its main purpose was to attract foreign investors. If you look at the list of its participants, you’ll see branches of Halyk Bank, CenterCredit, Jusan, Freedom Finance, Kazpost, and others,
said Deputy Yerlan Sairov.

“Apartment-Based” Business

MGA Holding Ltd., Samruq’s private partner in North Karazhanbas Ltd., was established on February 19, 2025 — just nine months ago. Its founder, Gulmaral Myrzagarina, also owns Leopard Oil Service Company LLP, which has operated for 18 years.

Myrzagarina became its sole owner in 2023.

Despite its oil and gas profile, MGA Holding is registered to an ordinary apartment in one of Astana’s residential complexes.

Two other companies — Metexpo Limited and Yasin NZ Holding Ltd. — are registered at the same address and in the same apartment.

The former was created five months ago, and the latter eight months ago, just one day after MGA Holding Ltd.

The companies have different founders and different areas of activity.

They also fall under the jurisdiction of the AIFC. Metexpo Limited provides services to hotels and restaurants and was founded by a certain Kaisar Kalkamanov, while Yasin NZ Holding Ltd. provides other personal services.

Its founder is Arman Yeraliyev.

At first glance, the companies appear unrelated — except for their shared apartment registration.

In terms of taxes, court records, and government contracts, both companies are as clean as their oil and gas neighbor. The privatization terms, ownership shares, and reasons for involving a private partner in managing Boranbayev’s former asset remain undisclosed.

Orda.kz continues to investigate.

Original Author: Ilya Astakhov