Will Nazarbayev's son-in-law face trial? 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 "Mercury Properties," a company engaged in the leasing and management of commercial real estate, encompassing over one million square meters in Almaty, Astana, Atyrau, Aktobe, Aktau, Shymkent, and Dubai.

Additionally, Kulibayev holds stakes in around two dozen 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, Kulibayev may face legal proceedings. According to the Telegram channel Nege Aqsha, the oligarch is being sued by the Asset Recovery Committee under 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 Kazakhstani oil. Bapi stated that a significant portion of the revenues 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 reaping extraordinary profits while Kazakhstan is patching budget holes through external loans and utilizing funds 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 through swap operations and at entirely different [prices] abroad. The difference settles in offshore accounts and the accounts of foreign companies," Ermurad Bapi stated. "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 establishing a National Operator for the export of mineral resources has become urgent in Kazakhstan. With its emergence, in his opinion, certain individuals, including Kulibayev, would stop enriching themselves through the resale of oil.

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

According to Nege.Aqsha, by the 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.

Furthermore, media reports have emerged suggesting that Kulibayev allegedly reached a pre-trial agreement with the Kazakh authorities: under this agreement, he would pay the treasury approximately 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 expert Olzhas Baidildinov. According to him, in reality, the Kazakh state has received double the amount from the former president's son-in-law, that is, two billion dollars. However, this information has not been officially confirmed by anyone.