Kazakhstan Paid Off Stati Case Using Kulibayev's Asset Return Deal?

Orda.kz has learned Nazarbayev's son-in-law was involved in resolving the Stati case.

Bloomberg reported on February 5 that Kulibayev was negotiating with Kazakhstan's government for a roughly billion-dollar payment in cash and investment.

In exchange, the government would waive claims over illegally obtained assets. We later learned that this deal might include investments in two major enterprises, including the recently transferred Aqtobe Oil Equipment Plant.

Kulibayev's team denies this involves asset returns, calling them "economic and social development investments."

However, Bloomberg noted that the businessman allegedly paid $230 million to the state, which would count toward the billion-dollar deal if completed.

Bloomberg identified American firm Argentem Creek Partners as the payment recipient, referencing litigation previously blocking Kazakhstan from issuing dollar bonds. This refers to Argentem Creek Partners representing Moldovan businessman Anatolie Stati in his long-running dispute with Kazakhstan.

The firm's board chair, Daniel Chapman, commented on the official settlement as Stati's representative in late 2024.

An Orda.kz oil and gas industry source confirms Kazakhstan used Kulibayev's money to pay Stati.

They say Kulibayev's "billion-dollar story" may connect to the Borankol Gas Processing Plant in Mangistau Region, previously owned by Stati (now held by Kenes Rakishev).

Our source suggests Joint Resources, through which Kulibayev controls Caspian Oil and other energy assets, may link him to the Stati litigation.

The source indicates Kulibayev's company potentially profited from selling oil from Stati's former fields. When discovered, the state made Kulibayev responsible for settling Stati's arbitration claims over his illegally seized businesses.

The $230 million isn't the $500 million Kazakhstan owed in these arbitration proceedings. But it could be the first installment,our source says.

Argentem Creek Partners was central to the prolonged "arbitration wars" against Kazakhstan by foreign law firms representing international investors. Stati's side hadn't revealed payment sources under the government agreement. 

Orda.kz suspected Kulibayev's involvement in resolving the Stati dispute since late last year when reports on the litigation's end and a new Asset Recovery Committee investigation into Kulibayev emerged.

Our attempts to confirm this connection went unanswered. 

Former Justice Minister Azamat Yeskarayev had insisted Kazakhstan wouldn't use budget funds for Stati payments. No National Fund withdrawals were planned, per the Justice Ministry.

When the Stati agreement emerged, Kazakhstan's political analysts suggested an oligarch under Asset Recovery Committee scrutiny would be pressured to "sponsor" the settlement. Kulibayev appears to be that oligarch.

If Kulibayev's $230 million comes from recovered assets, it's effectively Kazakhstan's money (despite bypassing the budget).

Authorities could have arranged a sophisticated approach with Kulibayev - "voluntary investments" to resolve the Stati dispute.

This framework avoids technical asset recovery: the oligarch formally provides financial assistance to address foreign investor issues.

Original Author: Nikita Drobny