Six Billion Tenge: Kairat Satybaldyuly's Business Center Being Sold

The asset recovery company continues to sell property returned to the state by the convicted oligarch Kairat Satybaldyuly. The unfinished business center "Orion" in a prestigious area of ​​Almaty is up for sale now. 

The sale announcement appeared on the website of electronic auctions of state property. The seller is the state-owned LLP "Company for the Management of Returned Assets." The price is 6.2 billion tenge, and bidding for an increase in the price will start on October 24.

The appraisal report states that the land (0.6 hectares) is worth 1.6 billion tenge, and the building (21.5 thousand square meters) is worth another 4.6 billion. The building is located in the Medeu district along Al-Farabi Avenue, not far from an unfinished business center of another relative of Nursultan Nazarbayev, Timur Kulibayev.

In the same district, near the KazNU University, the construction of a business center of Timur Kulibayev's company, which has had disputes with the city Akimat over this land plot, has been frozen. 

The other unfinished building's technical condition was assessed as suitable. The stairs, floors, balconies, openings, roof, and walls are already ready, but the utilities have not been connected. The building has four floors and two levels of underground parking. 

The documents also specify that the building belonged to Baidala V LLP, the founder and first director of which is a certain Bakhytzhan Kulbayev.

The company opened in 2021 and rents and manages its real estate. In the year of establishment, the company paid 11 million tenge in taxes, acquiring the plot to construct the business center. In 2022, it paid more than 100 million tenge in taxes, and in 2023, 1.8 billion tenge. However, 2024 ended with only 4 million tenge. 

It was through this LLP that Kairat Satybaldyuly bought the Hilton hotel in Almaty while behind bars.

Since he could not do it personally, Adilet Abilay, born in 1994, carried out the deal for him. With a power of attorney issued in October 2022, he concluded an agreement to purchase the DoubleTree by Hilton Hotel. The notary of Astana, Arailym Beisenbayeva, issued the power of attorney.

The deal amounted to almost 6.5 billion tenge. About 6 billion was for the cost of the administrative building, and the remaining 500 thousand tenge was for the land plot.

On September 26, 2022, Kairat Satybaldyuly was convicted of embezzlement on an especially large scale in Kazakhtelecom JSC and CTS JSC. He was sentenced to six years in a medium-security correctional facility and prohibited from holding public service positions for ten years.

He was later released, having forfeited ownership of illegally acquired assets. Satybaldyuy is now under probation control.

Original Author: Ilya Astakhov