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The Nazarbayev household was prominently featured on this 12 months’s Forbes checklist of Kazakhstan’s richest individuals, however the nation’s First President himself didn’t seem within the rating, displaying the boundaries of the system’s transparency.
Nursultan Nazarbayev, who left the presidency in 2019 after three many years in energy, has no less than 4 foundations underneath his identify and these management one of many nation’s largest banks in addition to the crown jewel schooling establishment Nazarbayev College, and have interaction in a number of different profitable actions.
Till just lately the one member of the household that was persistently in Forbes’ yearly rating was Nazarbayev’s center daughter, Dinara Kulibayeva, the spouse of Timur Kulibayev. By way of companies shared along with her husband, she controls the most important financial institution and a number of other industrial and monetary holdings. At $3.9 billion every, they’re the richest pair in Kazakhstan.
Mining magnate Vladimir Kim claims Forbes’ primary spot for the fifth 12 months in a row, with a fortune of $5 billion. The highest three have change into considerably richer prior to now two years alone, regardless of the sluggish restoration of the financial system for the reason that begin of the pandemic.
The remainder of the checklist options bankers, amongst whom are the homeowners of Kaspi, which listed its shares within the London Inventory Trade in 2020, actual property tycoons, and homeowners of extractive firms.
Two notable businessmen have been absent from the checklist due to their current run-ins with the legislation. In 2021, Kairat Boranbayev was the 14th richest individual in Kazakhstan, via his holding Almaly, via which he managed actual property, extractive, and pharmaceutical companies, alongside the McDonald’s franchise and the soccer membership Kairat. In March 2022, he was arrested, accused of embezzlement.
The identical week, Kairat Satybaldy, additionally a member of the Nazarbayev household, was arrested on costs of embezzlement towards Kazakhtelecom, the nation’s largest telecoms supplier, wherein he owned a 24 p.c share.
Importantly, with a fortune estimated at $584 million, Nazarbayev’s eldest daughter Dariga made her return into the rating claiming the thirteenth place along with her participation in holding firms that management telecoms and media teams. Till February, she served as a member of parliament. Her son, Nurali Aliyev, is listed because the twenty sixth richest individual within the nation.
Final 12 months, an investigation by Radio Azattyq unveiled an unofficial enterprise community established by Kairat Sharipbayev, the previous head of pipeline monopolist KazTransGas and allegedly Dariga’s husband. Sharipbayev left his publish in January after violent unrest and an alleged tried coup resulted in 240 killed throughout the nation.
The shake-up of the January occasions led different public officers linked to the Nazarbayev household to retreat. Virtually in unison, legislation enforcement launched an investigation into the waste administration enterprise of Aliya, Nazarbayev’s youngest daughter, and her husband left his publish as high supervisor at pipeline operator KazTransOil.
Nurbol Nazarbayev, the previous president’s nephew, appeared on Forbes’ checklist (forty first within the rating) with a fortune of $160 million, via his participation in funding firms tied to actual property and equipment industries. His father, Bolat, is claimed to have managed a number of companies and authorities businesses, each formally and informally.
Public servants usually give their stakes in firms and holdings to belief funds whereas they serve in workplace, dropping off the checklist. Such is the case of Almaty mayor Yerbolat Dossayev, ex-head of the Central Financial institution and co-owner of the Lancaster Group, a big funding firm.
Interviewed by information outlet Orda.kz, the Forbes journalist who compiled the rating mentioned that Nazarbayev couldn’t be included within the checklist of the nation’s richest as a result of he doesn’t formally personal enterprise belongings.
“So far as I do know, Nursultan Nazarbayev has by no means been concerned in any enterprise […] Ought to he be stripped of the title of Elbasy [Leader of the Nation], we’d contemplate him, however for now he’s a statesman, not a businessman,” Forbes’ Ardak Bukeyeva mentioned.
In January, citing a report by auditing firm KPMG, President Kassym-Jomart Tokayev mentioned that half of Kazakhstan’s wealth is within the fingers of “simply 162 individuals.” Inequality and social injustice have been the catalyst of a nationwide protest in January that was formally labeled as an tried coup and violently repressed.
Whereas it can’t be deemed complete as a result of it fails to account for the belief funds finally owned by public officers, the Forbes checklist nonetheless offers a transparent concept of who has a agency grip within the nation’s key financial sectors and what are their mutual ties.
Be it via household relations or via long-term enterprise partnerships, Kazakhstan’s richest have change into richer prior to now years. The current reshuffling of the belongings managed by the Nazarbayev household may very well be seen as a drop within the bucket, contemplating how marginal these companies are as compared with the household’s largest belongings, each at dwelling and overseas.
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