Samruk-Kazyna Fund Acquires Full Ownership of Three Companies Formerly Linked to Nazarbayev's Nephew

The National Welfare Fund Samruk-Kazyna has completed the acquisition of 100% ownership in Akmolit LLP, Markhit LLP, and Topaz-NS LLP, reports Orda, citing KASE.

These assets were initially transferred to state control in 2022 from Bridge Capital Investments Limited, a Dubai-based private company previously linked to Kairat Satybaldyuly, nephew of Kazakhstan's former President.

The three companies had been under JSC NK Tau-Ken Samruk's trust management until now.

On February 6, 2025, Samruk-Kazyna's Board approved the issuance of one common share valued at 491,267,000 tenge. 

The Kazakhstan Ministry of Finance transferred full ownership of the three companies as payment for this share, with individual valuations of:

• Akmolit LLP: 390,778,000 tenge (chemical industry mineral extraction)
• Topaz-NS LLP: 50,372,000 tenge (investment and trade intermediary activities)
• Markhit LLP: 50,117,000 tenge (precious and rare metals extraction)

The former controlling company, Bridge Capital Investments Limited, was reportedly directed by businessman Rashit Makhat in 2019.

While media sources have described Makhat as Satybaldyuly's longtime business associate, Makhat's legal representatives deny any such connection.

Makhat has acknowledged knowing Satybaldyuly personally, including performing Hajj, but denies acting as his nominal representative or business partner.

Before Satybaldyuly's arrest, Makhat served as an independent director at several major Kazakh companies, including Kazakhstan Engineering JSC, Kazkommertsbank JSC, Kazakhaltyn MMC JSC, and Kcell JSC.

Original Author: Artyom Volkov