Will Nazarbayev's son-in-law face trial? What consequences await Timur Kulibayev, one of Kazakhstan's wealthiest individuals?

Kulibaev and his wife oversee Halyk Bank, the largest commercial bank in the country. He owns the company "Mercury Properties," which is involved in leasing and managing commercial real estate totaling more than one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kulibaev holds stakes in dozens of oil extraction and oil trading companies.

All these assets were acquired by the couple during Nazarbayev's rule. However, now that the first president has stepped down, Kulibaev may face legal action. According to the Telegram channel Nege Aqsha, the oligarch has been sued by the Asset Recovery Committee of the General Prosecutor's Office: this information came to light after appearing on the "Judicial Cabinet" portal.

In this context, Majilis deputy Ermurad Bapi accused the oligarch of earning excessive profits from the sale of Kazakh oil. Bapi stated that a significant portion of the revenues from the sale of Kazakh oil goes to companies owned by Kulibaev: there are over 200 of them, registered in 22 countries worldwide. According to the deputy, the oligarch is making super profits while Kazakhstan is patching budget holes through external loans and using funds from the National Fund, which was established as a fund for future generations.

“It is well known that Kazakh oil is sold at one price within the country through swap operations and at completely different [prices] beyond its borders. The difference accumulates in offshore accounts and foreign companies, — stated Ermurad Bapi. — It’s time to be satisfied with what has already been acquired. We need to leave something for future generations!”

Bapi emphasized that the issue of creating a National Operator for the export of mineral resources has become urgent in Kazakhstan. With its establishment, he believes that certain individuals, including Kulibaev, will stop profiting from oil resale.

According to the Nege.Aqsha Telegram channel, the decision to include Kulibaev in the list of individuals the Kazakh state intends to make a bit poorer was made a year ago. Subsequently, in spring 2024, representatives of Timur Kulibaev filed three lawsuits against the Asset Recovery Committee of the General Prosecutor's Office of Kazakhstan, but all were rejected. At that time, the agency refused to disclose information about the oligarch's assets claimed by the state, stating that this information pertains to state secrets.

According to Nege.Aqsha, by the decision of the Asset Recovery Commission on October 13, 2023, Kulibaev was included in a classified list of oligopoly subjects whose assets may be returned to the state.

Moreover, media reports emerged that Kulibaev allegedly reached some pre-trial agreement with the Kazakh authorities: under this agreement, he would pay the treasury around one billion dollars in exchange for his "indulgence" and the opportunity to retain his assets.

This information was later commented on by oil and gas industry expert Olzhas Baidildinov. According to him, in reality, the Kazakh state received twice as much from the former president's son-in-law, namely two billion dollars. However, this information has not been officially confirmed by anyone.