Yelge Qaitaru Foundation: Kamkor Management was sold for a ridiculous sum of around $55 million

ASSET RECOVERY July 27, 2022

Publicly available sources on the Internet contain information that funds from a wide network of foreign subsidiaries of JSC Kazmunaigaz (in particular, KazmunaiGaz AG (Lugano, Switzerland)) were used to pay for expensive private parties, expensive personal purchases, rent service personnel such as of housekeepers, drivers, etc. in the interests of Mr. Timur Kulibayev, Mrs. Dinara Kulibayeva and Dias Suleymenov.

The same sources contain information that based on the important production assets of JSC KazakhstanTemirZholy, worth billions of dollars, a subsidiary of JSC KazakhstanTemirZholy, Kamkor Management, was created. However, later it turned out that the offshore company Harad Operation UK Limited (Great Britain), the ultimate beneficiary of which is Timur Kulibaev, mysteriously took over 50% of the shares of Kamkor Management.

In 2015, a 50% government stake in Kamkor Management, with respective assets worth billions of dollars, was sold for a ridiculous sum of around $55 million.

We ask you to check all the above-mentioned facts (including the legitimacy of the expenditure of funds of all foreign subsidiaries of JSC KazMunayGaz and bring the perpetrators to justice established by law.

Please inform us about the actions taken to further bring them to the attention of the public of the Republic of Kazakhstan.

Your response will be communicated to the public and mass media.

Best reagrds,

Bulat Abilov

Urazaly Yerzhanov

From:

Mr. Abilov B.M.

Mr. Yerzhanov U.S.

Yelge Qaitaru Foundation, 42V Ivanilov street, Almaty, Kazakhstan

To:

Mr. Asylov B.N, Prosecutor General of the Republic of Kazakhstan

Mr. Akhmetzhanov M.M., Minister of Internal Affairs of the Republic of Kazakhstan

Mr. Bektenov O.A., Chairman of the Agency of the Republic of Kazakhstan on combating corruption