Scroll Top

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

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


Mr. Abilov B.M.

Mr. Yerzhanov U.S.

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


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

Mr. Elimanov Zh.K, Chairman of the Agency of the Republic of Kazakhstan on finan­cial monitoring

July 27,2022

Original link to claims on the web­site:

Government of the Republic of Kazakhstan

Related Posts