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 involved in leasing and managing commercial real estate with a total area exceeding 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 this property was acquired by the couple during Nazarbayev's presidency. However, now that the former 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 General Prosecutor's Office, as revealed by information appearing 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 from Kazakh oil sales goes to companies owned by Kulibayev: there are over 200, and they are registered in 22 countries worldwide. According to the deputy, the oligarch is reaping super profits while Kazakhstan is patching budget gaps through external loans and spending 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 and at completely different [prices] abroad through swap transactions. The difference ends up in offshore accounts and the accounts of foreign companies,” said Ermurad Bapi. “It's time to be satisfied with what you have already received. Something should be left for future generations!”

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

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 declined 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, Kulibayev was included in a classified list of oligopoly subjects whose assets may be returned to the state.

At the same time, media reports emerged suggesting that Kulibayev allegedly reached some sort of pre-trial agreement with the Kazakh authorities: under this agreement, he would pay the treasury around 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 industry 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.