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 Mercury Properties, a company 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.

In addition, Kulibaev holds stakes in around twenty oil extraction and 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 is being sued by the Asset Recovery Committee of the General Prosecutor's Office, as revealed by information 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 generated from the sale of Kazakh oil goes to companies owned by Kulibaev: there are over 200 of them, registered in 22 countries around the world. According to the deputy, the oligarch is reaping excessive profits while Kazakhstan is patching budget holes through external loans and utilizing funds from the National Fund, which was established for future generations.

"It is well-known that Kazakh oil is sold at one price within the country for swap operations and at completely different [prices] abroad. The difference settles in offshore accounts and in the accounts of 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 establishment of a National Operator for the export of mineral resources has become necessary in Kazakhstan. With its emergence, in his opinion, certain individuals, including Kulibaev, will cease to enrich themselves through the resale of oil.

According to the Telegram channel Nege.Aqsha, the decision to include Kulibaev in the list of individuals the Kazakh state intends to make slightly poorer was made a year ago. Following this, in the spring of 2024, Timur Kulibaev's representatives filed three lawsuits against the Asset Recovery Committee of 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 is claiming, stating that this information is considered state secrets.

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

Meanwhile, media reports have emerged suggesting 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 expert Olzhas Baidildinov. According to him, in reality, the Kazakh state received double the amount from the former president's son-in-law, totaling two billion dollars. However, this information has not been officially confirmed by anyone.