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Yelge Qaitaru Foundation:JSC Aktobemunaigaz was illegally sold to CNPC

As it became known from publicly available sources on the Internet, the Government of the Republic of Kazakhstan, by Resolution No. 419 of April 30, 2003, decided to sell the state–owned blocking block of shares (25.12%) of CNPC – JSC Aktobemunaygaz through trading on the Kazakhstan Stock Exchange. Deputy Prime Minister of the Republic of Kazakhstan Karim Masimov was responsible for the implementation of the deal at that time.

The above-mentioned state-owned block of shares was sold on May 29, 2003 at the price of 9,100 tenge ($60.5) per share whereas the starting price calculated by the State Property Committee of the Republic of Kazakhstan was 23,446 tenge ($155.7). As a result, the state received 22.6 billion tenge ($150.2 million) instead of the possible 58.14 billion tenge ($386.4 million).

The price of the blocking package of shares ($386.4 million) requested by the State Property Committee of the Republic of Kazakhstan was much lower than its real market value. This is confirmed by the fact that by the end of 2004 over $ 140 million of dividends were accrued on the previously state-owned shares sold in 2003. Probably the real value of 25.12% of the shares of CNPC – JSC Aktobemunaigaz would be in the range of $1.5-2 billion.

The blocking state–owned stake in CNPC – JSC Aktobemunaigaz was purchased by a subsidiary of the Chinese National Oil Company, in which 49% of the shares belonged to the offshore company Darley Investments Services Ltd. The sole beneficial owner of this company, Arvind Tiku, has been the attorney of T. Kulibayev for many years.

Subsequently, Darley Investments Services Ltd sold its 49% stake in the subsidiary to other subdivisions of the China National Oil Company in two transactions. And received a total of $165.9 million, which is actually a disguised bribe for arranging the sale of a state-owned asset at a price much lower than the real market value.

Part of the above-mentioned amount was used to finance the business projects of Timur Kulibayev’s group, and $ 50 million was used to purchase a business jet for the personal needs of Timur Kulibayev, his family members and close associates. The same materials on the Internet list the norms of the Criminal Code of the Republic of Kazakhstan violated during the above transaction, and specific elements of crimes in this case. We ask you to conduct a check on these facts and, if these circumstances are confirmed, take measures to bring the perpetrators to justice and compensate for the damage caused to the state.

Your response will be brought to the attention of 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

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