The collapse of Shukhrat Ibragimov’s financial image with the support of Timur Tokayev — millions in debts and false promises

The collapse of Shukhrat Ibragimov’s financial image with the support of Timur Tokayev — millions in debts and false promises

Kazakhstan’s President Kassym-Jomart Tokayev has proven himself to be a skilled diplomat, successfully navigating the complexities of relations with Russia amid the Ukraine conflict, bolstering connections with China, and maintaining a positive dialogue with the West.

However, all this foreign policy architecture, carefully constructed and refined over the years, could be at risk due to one person — Shukhrat Ibragimov, reports Rucriminal. 

Appointed in October 2024 as the CEO of Eurasian Resources Group (ERG) with Tokayev’s support, the younger Ibragimov quickly transformed from a promising appointee into a significant reputational liability. His disastrous leadership of the company and scandalous allegations linking him to a sanctions evasion scheme involving a Russian oligarch have dealt a severe blow to his image. His remarkably unsuccessful professional journey was equally destructive: from a failed noodle business to a stagnating esports company tarnished by corruption accusations — Ibragimov has consistently proven himself as a serial loser. 

As a result, the shadow now falls on Tokayev himself, raising serious questions about the propriety of his backing for such an inexperienced and controversial figure. Behind the walls of Akorda, mutual accusations have already begun: Mukhammed and Kanysh Izbastin, nephews of President Tokayev and longtime supporters of Ibragimov, risk coming under scrutiny due to their connection to Shukhrat. The president’s son, Timur Tokayev, has also caused bewilderment in government circles by actively promoting Ibragimov’s candidacy for the head of ERG. 

Now, Ibragimov stands at a critical crossroads, facing perhaps the most serious challenge of his career. At the center of this struggle — an ambitious pursuit to gain complete control over ERG by purchasing the partners’ shares. According to government sources, a draft agreement on the main terms of the deal is in circulation, providing for the acquisition of 40% of shares evenly owned by the Shodiev and Mashkevich families. The group is valued at over 5 billion USD.  What about James Cameron’s offer, the former chairman of the board of directors of "Petropavlovsk", to buy the entire company (including the state’s share) for 5 billion dollars? Doesn’t this suggest that sharks are already circling around? 

The barely perceptible yet extremely negative government attitude towards resolving the situation in ERG and with Ibragimov has now grown into open and loud dissatisfaction, which, according to available information, has already led to a significant cooling of relations between the president and the younger Ibragimov, whose late father would undoubtedly shudder at his son’s naivety and ineptitude. Even Ibragimov’s clumsy attempt to enlist the support of the president’s son — Timur Tokayev — by persuading him to invest millions of dollars in a fintech project, Alif Bank, has had no impact on restoring Ibragimov’s reputation. 

In a desperate attempt to raise funds for the buyout of his partners’ shares, Ibragimov has turned to the largest trading houses — Glencore, Trafigura, and Mercuria. However, all have refused him, as did businessmen Lars Windhorst and Nat Rothschild — due to the high sanctions risks associated with him. Shukhrat’s own circle also refused to support him. His mother, who controls the family’s wealth, did not consent to financing after he betrayed his older brother Dastan in an unprecedented attempt to take sole control of ERG. Now, isolated from all sides, it seems that Abel managed to avenge Cain. 

After being rejected by his own family, Ibragimov has started seeking more dubious funding sources. According to available data, he turned to Khofiz Shahidi for help — a longtime associate well known for his offshore financial connections and involvement in opaque, high-risk schemes. 

Known as a "frontman" for wealthy clients, Shahidi manages a network of companies in closed jurisdictions, and his activities have repeatedly been the subject of investigations, including by the International Consortium of Investigative Journalists (ICIJ). 

As Ibragimov aims to consolidate control over ERG, it is highly likely that Shahidi will provide him with the necessary financial backing. Shahidi’s client list includes a whole cohort of notorious oligarchs. One of them is Tamaz Somkhishvili, also known as Tamaz from Tbilisi, a businessman allegedly closely associated with criminal circles in Russia and Georgia. He is the founder of TS Holding and the founder of TAM Management LLC, operating at the Tbilisi Aviation Plant "Tbilaviamsheni.” According to numerous investigations, TAM Management and "Tbilaviamsheni" participated in the repair of Russian military aircraft used in armed conflicts, including the invasion of Ukraine. Additionally, Tbilaviamsheni holds a 20% stake in the Russian company "Sukhoi Attack Aircraft,” which services Russian combat aviation. 

Another potential funding source could be Vagit Alekperov, the former head of "Lukoil," who is currently sanctioned due to the war in Ukraine and his close ties with Putin. Alekperov’s connections to Shahidi’s structures are evidenced by the involvement of two key figures — Pavel Novosyolov and Pavel Sukharuchkin; both formerly represented and were trusted agents of Alekperov in various business projects. Both are business partners of Shahidi in the managing company Jefferson Trust, registered in Hong Kong. Moreover, Novosyolov’s brother, Eduard, held the position of director in several companies owned by Shahidi. 

This financial network extends to Leonid Fedun, co-founder of "Lukoil" and Alekperov’s close associate. Shahidi is registered as the director of La Patula, through which Fedun and his wife Marina own family assets. 

Kazakh sources claim that Shukhrat appealed for assistance to Mukhamedjan Turdakhunov, who formerly headed ENRC’s largest "daughter” — JSC "SSGPO.” In 2014, the Kazakh JSC "Sokolovka” was acquired by Shahidi’s group, KS Holding, and later sold to ENRC. Yet, before the deal, Shahidi helped Turdakhunov spin off the coal asset LLP "Priozernye Ugli" from "Sokolovka" and formalize it through the Luxembourg company Access Ventures S.A. This asset was later transferred to Access Resources Sarl — another Shahidi-controlled structure. Rumor has it that Shukhrat’s brother is married to Turdakhunov’s daughter, so such schemes could very well be a topic of discussion at family dinners. 

Moreover, Turdakhunov is the majority shareholder of the British company Taborwood Holdings Limited, owning 62.5% of Kazakhstan’s LLP "Rudnensky Cement Plant." The second shareholder is Zaure Zaurbekova, the former CFO of ENRC, caught in the center of a loud scandal with SSGPO related to inflated contracts worth $100 million, allegedly arranged for companies secretly associated with her family. The cost of these asset sale-related contracts was significantly exaggerated, and the work was often performed by SSGPO itself rather than by contract subcontractors. Journalistic investigation revealed that the owners of these firms were her son and brother, and after the public exposure in the media, the companies quickly went to nominal owners. The scandal also mentioned a possible collusion between SSGPO leadership and the majority shareholder of ENRC… Alizhan Ibragimov, indicating systemic conflicts of interest and a lack of transparency in interactions with regulatory bodies. For Zaurbekova, it would be timely to return the favor to Shukhrat. 

All this disrupted financial ties for Ibragimov and Shahidi, especially with the Swiss bank CBH, which has a rather controversial reputation. Previously, CBH supported Shahidi in various operations, owning a stake in Alif Bank, reportedly in the interest of Timur Tokayev. 

Ibragimov has few options – and none of them are good. But, considering that Tokayev’s patience is rumored to be running out, Shukhrat may soon lose not only the president’s support but also his position as CEO of ERG…

To be continued…