Timur Kulibayev vs. New Kazakhstan: Oligarch Defends His Assets

Timur Kulibayev, one of the wealthiest people in Kazakhstan and Nursultan Nazarbayev's son-in-law has filed litigation with the Committee for the Return of Assets under the Prosecutor General's Office. Orda.kz has looked into the matter.

Nege.kz journalists portal drew attention to the litigation on a court portal filed by Kulibayev’s representative, Bakhyt Tukulov, in March 2024. 

Tukulov is a successful commercial litigator and partner of Tukulov and Kassilgov Litigation LLP. He resolves litigation disputes both in Kazakhstan and abroad and has represented the interests of large oil and gas companies, automakers, banks, and other enterprises.

The claim was drawn up under a power of attorney from Ainur Shanenova. However, she received this power of attorney from Kulibayev and had no right to transfer the document to the lawyer without notarization.

Since July 2023, Ainur Shanenova has been the CEO of the private investment holding company KIPROS, which manages assets in various economic sectors. The company's founder is Timur Kulibayev. 

 Since the original power of attorney was not attached, the court dismissed the claim.

A power of attorney is a document certifying the authority of a representative and confirming the circumstances on which the plaintiff bases their claims.

What Has Kulibayev Lost?

A court decision took 50% of LPG Storage Park from Kulibayev in May last year. The ex-president's son-in-law came into possession of this stake in 2021 when the company was auctioned to Joint Technologies LLP. After The January Events, an investigation was launched into LPG Storage Park. 

The Agency for the Protection and Development of Competition initiated the asset's return by filing a claim in the specialized inter-district economic court of the Atyrau region in February 2023.

In July 2023, the Supreme Court returned another asset belonging to Timur Kulibayev to Kazakhstan Temir Joly. 

27 years ago, the government signed a resolution on the phased transfer of social facilities to local executive bodies. In October 2001, then-Minister of Transport and Communications Karim Massimov approved a list of facilities in KTZ subject to privatization.

On October 24, 2001, Kazakhstan Temir Joly General Director Ablay Myrzakhmetov signed a document "On the Sale of Facilities of The Directorate of Material and Technical Supply." Thus, the national railway operator's fuel depots were sold at an auction at a reduced cost. 

According to the report, Kazakhstan Temir Joly paid an additional 149 billion tenge when using fuel depots from July 2011 to December 2022. Kazakhstan Temir Joly reported that, according to the court decisions, they accepted the property of TEK-Kazakhstan LLP but have yet to put it on the balance sheet.

At the end of last year, the court ordered the demolition of the Kipros company's guest house in the Bolshe-Almatinskoye forestry of the national park's Medeu branch and the transfer of the land to the state. The Environmental Prosecutor's Office found that the site was not used for its intended purpose. Instead of a tourist center, a luxurious residence was on the site. The Ile-Alatau National Park eventually terminated the contract with Kulibayev's holding. 

Kulibayev's company also lost land in KazNU territory this year. In 2007, the land was illegally transferred to Omirex LLP, a part of the Kipros structure.

The Almaty Department of Land Management investigated the legality of taking land in KazNU for state needs and transferring it to private ownership. It turned out that the Akimat violated the law.

The private owner filed an appeal, which the Almaty City Court recently reviewed. The verdict was upheld.

Richer And Richer..

Nursultan Nazarbayev's son-in-law has consistently been second on the list of the wealthiest Kazakhstanis. $4.9 billion is Timur Kulibayev's fortune as of May 2024. Last year, his fortune was estimated at $4.3 billion.

The Kulibayev couple's most famous joint asset is banking. Timur and Dinara control 69.52% of Halyk Bank through Almex.

The ex-president’s son-in-law also owns LLC Kipros, which manages assets and investments in various business areas, and JSC Joint Resources, which includes several companies. 

An essential part of Kulibayev's development business is the controlling stake in Mercury Properties LLP. This company is engaged in developing, leasing, and managing commercial real estate with a total area of ​​almost one million square meters.

Original Author: Artem Volkov

DISCLAIMER: This is a translated piece. The text has been modified, the content is the same. For accuracy, please refer to the original article published on 19/07/24.