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 specializes in leasing and managing commercial real estate with a total area of over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kulibaev holds stakes in two dozen oil extraction and oil trading companies.

All of this property was acquired by the couple during Nazarbayev's presidency. 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 under the General Prosecutor's Office: this became known after relevant information appeared on the "Judicial Cabinet" portal.

Against this backdrop, 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 revenue generated from the sale of Kazakh oil goes to companies owned by Kulibaev: there are over 200 of them, registered in 22 countries worldwide. The oligarch, according to the deputy, is making superprofits while Kazakhstan is plugging 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 and at completely different [prices] abroad through swap operations. The difference ends up in offshore accounts and the accounts of foreign companies," said Ermurad Bapi. "It’s time to be satisfied with what has already been obtained. Something must be left for future generations!”

Bapi emphasized that the question of establishing a National Operator for the export of mineral resources has become pressing in Kazakhstan. With its establishment, he believes, certain individuals, including Kulibaev, will stop enriching themselves through the resale of oil.

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

According to Nege.Aqsha, the decision of the asset recovery committee on October 13, 2023, included Kulibaev in a classified list of oligopoly subjects whose assets may be returned to the state.

At the same time, media reports emerged claiming that Kulibaev allegedly entered into a pre-trial agreement with the Kazakh authorities: under this agreement, he would pay the treasury about 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 double that amount from the former president's son-in-law, that is, two billion dollars. However, this information has not been officially confirmed by anyone.