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 engaged in leasing and managing commercial real estate totaling over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

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

All this property was acquired by the couple during Nazarbayev's rule. However, now that the first president has stepped down, Kulibaev may find himself in court. According to the Telegram channel Nege Aqsha, the oligarch is facing a lawsuit from the Asset Recovery Committee of the General Prosecutor's Office: this became known after relevant information appeared 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 revenue generated from selling Kazakh oil goes to companies owned by Kulibaev: there are over 200 such companies registered in 22 countries worldwide. According to the deputy, the oligarch is reaping super profits while Kazakhstan is patching budget holes through external loans and utilizing 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 foreign companies, " said Ermurad Bapi. "It's time to be satisfied with what has already been gained. Something needs to be left for future generations!”

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

According to the Telegram channel Nege.Aqsha, the decision to include Kulibaev in the list of individuals Kazakhstan intends to make slightly poorer was made a year ago. Following this, 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 that the state is claiming, stating that such information pertains to state secrets.

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

Meanwhile, reports emerged in the media that Kulibaev allegedly reached some sort of pre-trial agreement with the authorities of Kazakhstan: 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 expert Olzhas Baidildinov. According to him, in reality, the Kazakh state received twice as much from the former president's son-in-law, totaling two billion dollars. However, this information has not been officially confirmed by anyone.