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

Kuliabaev and his wife oversee Halyk Bank, which is the largest commercial bank in the country. He owns the company "Mercury Properties," engaged in the leasing and management of commercial real estate totaling over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kuliabaev holds stakes in around twenty oil extraction and trading companies.

All these assets were acquired by the couple during Nazarbayev's presidency. However, now that the first president has stepped down, Kuliabaev may face legal action. According to the Telegram channel Nege Aqsha, a lawsuit has been filed against the oligarch by the Asset Recovery Committee of the General Prosecutor's Office: this information became known following the appearance of relevant details on the "Judicial Cabinet" portal.

In this context, Majilis deputy Ermurad Bapi accused the oligarch of profiting excessively from the sale of Kazakh oil. Bapi stated that a significant portion of the income from Kazakh oil sales goes to companies owned by Kuliabaev: there are over 200 such companies registered in 22 countries worldwide. According to the deputy, the oligarch is making super profits while Kazakhstan is patching budget holes with external loans and spending from the National Fund, which was created as a fund for future generations.

"It is well known that Kazakh oil is sold at one price domestically and at completely different [prices] abroad through swap operations. The difference ends up in offshore accounts and foreign company accounts," said Ermurad Bapi. "It's time to be satisfied with what has already been received. We need to leave something for future generations!"

Bapi emphasized that the issue of creating a National Operator for the export of mineral resources is overdue in Kazakhstan. In his opinion, with its establishment, certain individuals, including Kuliabaev, will stop enriching themselves through the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kuliabaev in the list of individuals that the Kazakh state intends to make a bit poorer was made a year ago. Following this, in the spring of 2024, representatives of Timur Kuliabaev filed three lawsuits against the Asset Recovery Committee of the Prosecutor General'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 this information pertains to state secrets.

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

At the same time, media reports surfaced suggesting that Kuliabaev allegedly reached 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 ability 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, amounting to two billion dollars. However, this information has not been officially confirmed by anyone.