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

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

In addition, Kuliabaev holds stakes in about twenty oil extraction and trading companies.

All this property was acquired by the couple during Nazarbayev's presidency. However, now that the first president has stepped down, Kuliabaev may face legal proceedings. According to the Telegram channel Nege Aqsha, an appeal has been filed against the oligarch by the Asset Recovery Committee under the General Prosecutor's Office, as reported 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 income from selling Kazakh oil goes to companies owned by Kuliabaev: there are over 200 of them, registered in 22 countries. According to the deputy, the oligarch reaps excessive profits while Kazakhstan plugs budget holes through external loans and expenditures 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 within the country and at entirely different [prices] abroad through swap operations. The difference settles in offshore accounts and with 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 mineral resources has become pressing in Kazakhstan. With its establishment, he believes that certain individuals, including Kuliabaev, will stop profiting from the resale of oil.

According to the Nege.Aqsha Telegram channel, the decision to include Kuliabaev 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, representatives of Timur Kuliabaev filed three lawsuits against the Asset Recovery Committee under the Prosecutor General's Office of Kazakhstan, but all were dismissed. 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 dated October 13, 2023, Kuliabaev 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 Kuliabaev has 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 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, that is, two billion dollars. However, this information has not been officially confirmed by anyone.