(Bloomberg) -- As investigators closed in on their biggest target of Kazakhstan’s anti-corruption campaign, they uncovered clues in Kairat Satybaldyuly’s...
-- As investigators closed in on their biggest target of Kazakhstan ’s anti-corruption campaign, they uncovered clues in Kairat Satybaldyuly ’s meticulous notes.SpaceX Weighs Plan to Sell Shares at $200 Billion Valuation
Seeking to prise open their grip on Kazakhstan’s $260 billion economy, Tokayev sidelined Nazarbayev and ousted his long-serving predecessor’s relatives from key posts in state companies. But most of the family got off easy compared with Satybaldyuly, 54, the son of Nazarbayev’s younger brother.The haul recovered by the government from the tycoon includes gems, company stakes, property and $732 million in cash, Zhumagali said in an interview detailing the investigation for the first time.
Satybaldyuly also owed some of his wealth to an acquisition in 2015 — according to the anti-corruption agency — that allowed him to gain control of 252 kilometers of last-mile rail sidetracks that connected most large Kazakh cities to the nationwide lines. The fees charged for using the tracks were reduced by 93% once Kazakhstan took over the operation in 2022, according to data from the anti-corruption agency.
While Satybaldyuly largely conducted business through frontmen, his extensive record keeping, as well as tracking of cash flow and assets up until his arrest, was his undoing, according to Zhumagali. Handpicked as successor by Nazarbayev half a decade ago, Tokayev is treading carefully, in part for fear of spooking investors in an economy that isn’t getting sufficient funding from abroad. State resources are meanwhile stretched at a time when oil production stagnates.
Satybaldyuly’s case is an illustration of Tokayev’s ambition — and its limits — to bring the country’s biggest power brokers to heel after the 2022 riots. The government has approved a law to take back ownership of assets it deems illegally obtained and authorities estimate about $2.3 billion worth of assets have been recovered over the past two years.
Kairat Satybaldyuly Kazakhstan Askhat Zhumagali Kassym-Jomart Tokayev Bloomberg Anti-Corruption Zhumagali Kairat Boranbayev
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