Swiss Authorities Investigating Dinara Kulibayeva: New Details Revealed

According to an article by the OCCRP, new details have emerged in the ongoing investigation against Dinara Kulibayeva in Switzerland.

As Orda.kz previously reported, it became known in mid-February that the Geneva prosecutor’s office is conducting an investigation related to transactions involving the purchase of luxury real estate.

The OCCRP reveals that Switzerland’s financial regulator, FINMA, carried out an audit of the REYL Intesa Sanpaolo bank — a financial institution through which Kulibayeva’s funds were reportedly transferred. Dinara Kulibayeva is the daughter of Kazakhstan’s first President, Nursultan Nazarbayev, and the wife of prominent businessman Timur Kulibayev.

The FINMA audit found that the bank displayed a “very high appetite for risk” and failed to properly vet clients regarding the origins of their funds.

The bank has come under scrutiny from regulators over this client roster, which includes the children of Central Asian autocrats and other figures who present a risk of money laundering.OCCRP. 

Foreign journalists have obtained correspondence between FINMA and REYL Intesa Sanpaolo, revealing new details about the Swiss regulator’s concerns. According to the documents, a 2023 inspection concluded that the bank had clearly neglected its obligations to vet clients for potential money laundering risks properly.

In January 2024, the findings were forwarded to FINMA’s enforcement division, which investigates violations of Swiss financial law. The outcome of the investigation could be serious, ranging from license revocation to the confiscation of illicit funds.

For its part, REYL says it is fully cooperating with authorities. The bank also claims to have strengthened its compliance procedures and cut ties with clients suspected of money laundering. Whether Dinara Kulibayeva is among those affected by the policy changes remains unclear.

The regulator also asked the bank about the daughter of Kazakhstan’s former President, who is now under criminal investigation in Switzerland over the source of the tens of millions of francs she holds at Reyl. (Her lawyer told OCCRP she has always cooperated with authorities in declaring the source of her wealth)OCCRP 

Swiss authorities have raised concerns about numerous clients of REYL, not just Dinara Kulibayeva. According to journalists, the list also includes Leonid Reiman, former Russian Minister of Communications; Timur Tillyaev, an in-law of the late Uzbek President Islam Karimov; and Olivier Mestelan, a financial manager linked to the family of Azerbaijani President Ilham Aliyev, among others.

However, FINMA’s interest in Kulibayeva stands out.

One reason is that François Reyl, a key figure at the bank — former managing director until July 2024 and now a board member — personally oversaw her accounts for an extended period. Additionally, the bank reportedly issued Kulibayeva a €25 million loan to purchase property in France.

Swiss authorities are now investigating the origin of 150 million Swiss francs held by Kulibayeva at REYL Intesa Sanpaolo. It’s unclear whether this sum includes the funds used to purchase luxury real estate in Geneva.

Jean-Christophe Hocke, the lawyer representing Kulibayeva, told reporters that she has provided all required documentation regarding the source of funds used to acquire a 17th-century castle and several high-end properties in Geneva’s canton:

Despite the ongoing investigation, which began in 2024, the daughter of former President Nazarbayev continues to carry out multi-million dollar transactions through the Swiss bank.

In May 2024, FINMA formally requested that REYL hand over Dinara Kulibayeva’s "complete client files" and documentation related to Regulus Holdings S.A., her Luxembourg-registered company. Through this company, Kulibayeva secured a €25 million loan to purchase property in France.

The relationship between Kulibayeva and François Reyl — the son of the bank’s founder, Dominique Reyl — adds another layer of scrutiny. In 2016, François Reyl was convicted in France and received a one-year suspended sentence for money laundering. At the time, the bank was also fined €1.9 million.

Even if Swiss prosecutors find no direct violations of criminal law in Kulibayeva’s case, the bank itself could face serious consequences. The inspection revealed that REYL staff failed to act on reports of suspicious financial activity for months, and over 1,400 clients whose financial origins required verification hadn’t been checked in more than five years.

The list of account holders even includes individuals linked to the Italian mafia.

It's also worth noting that Kazakhstan’s Prosecutor General’s Office is not involved in this investigation.

Original Author: Nikita Drobny