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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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