A Vision for Education, Undone by Insiders
In 2019, Kazakhstan’s Nazarbayev University and Nazarbayev Intellectual Schools sought to safeguard their future with a U.S.-based endowment. The structure, designed by former Deputy Prime Minister Yerbol Orynbayev, was meant to insulate funding from political interference. Anchored in Nevada through the New Generation Foundation (NGF), the endowment held assets via Jysan Holding LLC and its U.K. subsidiary, Jusan Technologies Ltd. (JTL).
By 2022, JTL controlled a portfolio worth more than $1.6 billion, including a majority stake in FH Jusan Bank, telecom holdings, and a venture capital arm. The architecture was hailed as a model of transparency. But within three years, it became the stage for what plaintiffs now describe as a transnational racketeering scheme.
The Rise of the Insiders
As political pressure mounted in Kazakhstan, governance of JTL shifted. U.S. businessman Ron Wahid assumed chairmanship, joined by Lord David Evans of Watford and Christian Boerner. Together with Aidos Bekturganov and oligarch Galymzhan Yessenov, they allegedly turned the endowment into a vehicle for personal enrichment.
According to court filings, Wahid feigned financial hardship to acquire half of Orynbayev’s stake at nominal cost, only to later sell it to Yessenov for $15.35 million—200 times what he had paid.
A Lawsuit Abandoned, A Settlement Struck
In February 2023, JTL and JH filed a civil RICO suit in Nevada against the Kazakh government, alleging coercion and expropriation. Within weeks, the case was abruptly withdrawn. Behind the scenes, insiders were negotiating a “settlement” with Yessenov.
The terms stunned observers: assets valued at $1.6 billion were transferred for just $75 million. While Wahid and other minority shareholders received millions in compensation, Orynbayev and his company Uconinvest were deliberately excluded.
Bonuses, Backdating, and Side Payouts
The settlement’s aftermath revealed a cascade of insider payouts. Wahid, Evans, and Boerner awarded themselves multimillion-dollar “closing bonuses.” Wahid allegedly pocketed an additional $47 million through backdated contracts and fabricated option agreements.
Funds were siphoned through shell companies under the RJI brand, disguised as loans and advisory fees. Meanwhile, the charitable mission collapsed: Nazarbayev University and its schools lost their financial foundation.
Retaliation Against Whistleblowers
The plaintiffs argue they were uniquely targeted. While others profited, Orynbayev’s stake—valued at $36.8 million—was wiped out. Attempts to sell to a third party were blocked unless he signed a sweeping release and non-disclosure agreement.
Whistleblowers faced similar retaliation. JTL’s former COO, who exposed the backdating of Wahid’s $35 million option, was suspended and denied severance.
Legal and Criminal Fallout
The dispute has spilled across jurisdictions. In 2024, Orynbayev filed suit in London, prompting a worldwide freezing order on JTL’s assets. In Virginia, federal investigators are probing allegations of wire fraud, money laundering, obstruction, and tax offenses.
Plaintiffs argue their injuries are direct and domestic, citing the Supreme Court’s Yegiazaryan v. Smagin precedent. They frame the case not as a business dispute but as a deliberate plundering of a U.S.-anchored charity.
A Case With Global Implications
The Orynbayev v. Jysan case raises urgent questions about the vulnerability of U.S.-based nonprofits to insider abuse. It underscores how global corruption can exploit American legal structures, and how charitable missions can be derailed by collusive settlements and falsified contracts.
With federal investigators circling and international courts freezing assets, the case may become a landmark in exposing the intersection of oligarchic influence and U.S. corporate governance.
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF VIRGINIA
ALEXANDRIA DIVISION
