Head of NEF Qazaqstan Tarik Volkan Oskay Detained

Tarik Volkan Oskay, managing partner of NEF Qazaqstan, has been detained, the Interior Ministry confirmed to Orda.kz.

Back in April, Orda.kz reported that Oskay was wanted in connection with a fraud case initiated in Almaty. The investigation is being conducted under Part 4 of Article 190 of Kazakhstan’s Criminal Code (“Fraud”).

According to the police, the pre-trial investigation is ongoing. Earlier this year, the Almaty Police Department stated that a court had placed Oskay under arrest in absentia.

Background

The Turkish businessman is known for his business ties with oligarch Kairat Boranbayev. His company, NEF Qazaqstan, was previously at the center of a high-profile default on the Astana International Exchange (AIX). Originally from Türkiye, Oskay co-owned Royal Comfort Astana with Kairat Boranbayev.

The company previously controlled the Comfort Hotel Astana complex, which was later transferred to the state as part of Kazakhstan’s efforts to reclaim assets deemed illegally acquired. Oskay was also affiliated with Almaly Assets Management, a firm in which Boranbayev is listed as a founder.

Oskay gained wider attention after the 2023 financial troubles of NEF Qazaqstan. Initially promoted as a subsidiary of a major Turkish construction group, the company had announced plans to build the Green Center residential complex in Almaty using investor funds.

However, it later defaulted on 20% guaranteed bonds issued on AIX in 2022, owing investors more than 4 billion tenge.

In 2024, a court ruled in favor of the investors, ordering NEF Qazaqstan to pay the owed amounts. The company complied only partially. At the time of the ruling, the unpaid principal totaled approximately 1.5 billion tenge, with additional penalties and legal fees adding over 360 million tenge.

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