State Seizes Undeveloped Resort Land from Kulibayev-Linked Company
Photo: Dall-E, illustrative purposes
Authorities have confiscated several hectares of land in Kazakhstan’s Aqmola region from Kipros LLP, a company linked to one of the country’s wealthiest businessmen, Timur Kulibayev, Orda.kz reports.
The land, located in the coastal zone of Lake Shchuchye, had remained undeveloped since 2012. Following legal action by the Burabay District Prosecutor's Office, the property has now been returned to state ownership.
The three-hectare plot, with a cadastral value of 53.4 million tenge, was granted to Kipros LLP in 2012, but no development has taken place for over a decade,the Prosecutor’s Office stated.
In 2023, Kipros was formally instructed to begin development on the land. However, by 2024, no construction had started. As a result, prosecutors filed a lawsuit, and the Specialized Interdistrict Economic Court ruled in favor of the state, ordering the land to be seized.
Kipros LLP is considered one of the key business assets of Timur Kulibayev, son-in-law of former President Nursultan Nazarbayev. Kulibayev currently ranks fourth on the Forbes Kazakhstan list of the country’s richest individuals.
Original Author: Ruslan Loginov
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