Nurbol Nazarbayev May Have Lost Assets in Closed Trial

Nurbol Nazarbayev, nephew of former Kazakh President Nursultan Nazarbayev, has been blacklisted by the Jana Kazakhstan (New Kazakhstan - Ed.).

The Ministry of Finance’s Asset Recovery Committee filed a lawsuit against him, and Orda.kz obtained a copy of the court ruling.

Court Decision

The Committee identified wealth of dubious origin belonging to Nurbol Nazarbayev and brought the case to court.

The trial was held behind closed doors, and while the ruling contained no details, the court fully upheld the Committee’s claim.

Nazarbayev was ordered to pay the state $106.75 million (57 billion tenge), along with a fine of $1.75 million (925 million tenge) and a penalty of 230.4 million tenge.

To secure the claim, the court froze all of his bank accounts, prohibited him from managing income and personal property, and stripped him of control over his business structures.

Nazarbayev’s lawyers argued procedural violations and appealed, but the court ruled:

Under Article 155 of the Civil Procedure Code of the Republic of Kazakhstan, the court may take interim measures at the request of the parties if, without them, enforcement of the decision proves difficult or impossible.

New Trial and Confidentiality

The story continues with a new trial in the Astana Interdistrict Court. The company managing recovered assets under the Prosecutor General’s Office has joined the case, again naming Nurbol Nazarbayev as defendant.

According to KazTAG, information about this case soon disappeared from the courtroom.

The trial is closed, and CMRA gave Orda.kz only a short response:

Now, the Prosecutor General’s Office is responsible for managing assets valued at more than $106 million.

What’s at Stake

After the death of Bolat Nazarbayev, it was unclear whether he had left a will.

Eventually, it became known that Nurbol was the sole heir.

His inheritance included:

• Mansions, the family home in Shamalgan, and dozens of land plots, including in Burabay and Shchuchinsk
• Large territories in the Jambyl district, where the family hippodrome is located

Separately, Nurbol became the ultimate beneficiary of PrimeCapital Re Plaza LLC during his father’s lifetime, giving him control over the BNC Plaza business center in Almaty.

Other companies linked to him include:

• PLS Investment and Construction Company LLP
• PLS-TM LLP
• Prime Capital Holding LLP
• Prime Capital Plaza BC LLP
• Prime Capital Invest LLP

Alongside Nurbol, others who have faced similar situations include Timur Kulibayev, Kairat Satybaldyulu, Kairat Boranbayev, and Kairat Sharipbayev.

They, however, reached settlements with authorities and voluntarily returned part of their wealth.

Original Author: Zarina Fayzulina