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

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

In addition, Kulibayev 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, Kulibayev may face legal action. According to the Telegram channel Nege Aqsha, the oligarch has been sued by the Asset Recovery Committee under the Prosecutor General'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 the sale of Kazakh oil goes to companies owned by Kulibayev: there are over 200 of them, registered in 22 countries worldwide. According to the deputy, the oligarch is making superprofits while Kazakhstan is plugging budget gaps 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 domestically through swap operations and at completely different [prices] abroad. 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 gained. We need to leave something for future generations!”

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

According to the Telegram channel Nege.Aqsha, the decision to include Kulibayev 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 Kulibayev filed three lawsuits against the Asset Recovery Committee under the Prosecutor General'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 is claiming, stating that this information pertains to state secrets.

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

Moreover, media reports have emerged suggesting that Kulibayev allegedly entered into a 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 ability to retain his assets.

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