Offshore accounts and foreign villas: where the stolen billions of Akhmetzhan Yessimov and Galimzhan Yessenov are hidden

Offshore accounts and foreign villas: where the stolen billions of Akhmetzhan Yessimov and Galimzhan Yessenov are hidden

The total worth of the corruption network built by Akhmetzhan Yessimov and Galimzhan Yessenov exceeds two and a half billion dollars.

While Forbes estimates the capital of Yessimov’s eternal proxy, personified by Galimzhan Yessenov, at approximately 285 million dollars, that is almost ten times less. Naturally, the main income streams of the Yessenov-Yessimov family enterprise came from Samruk-Kazyna, through embezzlement via ATF Bank, sports funds, and various one-day shell companies. Yet, building such a massive corruption empire through familial ties was possible not only due to the notorious perpetual bankrupt ATF Bank. The siphoning of hundreds of millions of dollars began even before Yessimov’s arrival in Samruk-Kazyna and long before the appearance of the enterprising relative Akhmetzhan Smagulovich on the scene. Essentially, Galimzhan Yessenov merely brought the family enrichment schemes of the Yessimovs to their peak.

Galimzhan Yessenov: Divorce in the Name of Saving the Family Capital of ATF Bank

Galimzhan Yessenov will no longer be able to launder billions for his father-in-law and himself. His filing for a sham divorce is vivid proof of this, and Akhmetzhan Yessimov’s dismissal is the final chord in this story. Open questions remain: where will Galimzhan Yessenov flee, and what will happen to the bankrupt ATF Bank.

Even the best must come to an end. Just as funds inevitably run out in Samruk-Kazyna, schemes for their criminal withdrawal abroad are uncovered, materializing miraculously into villas belonging to those close to Akhmetzhan Yessimov. That is why, according to the latest dispatch, a replacement is being prepared for him. It’s fair to say the nephew is overdue in his position. Moreover, by the time the massive shortfall in the Fund was discovered, he should certainly have been out of reach.

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Akhmetzhan Yessimov and Galimzhan Yessenov

However, it is unlikely that Akhmetzhan Yessimov will join the ranks of "revolutionaries with honest eyes," preaching to live by conscience from France. Initially—and possibly until political oblivion—Akhmetzhan Yessimov is predicted to take on the role of Senate elder. This position has somehow been left hanging since Dariga Nazarbayeva’s resignation. And the nephew of Nazarbayev can serve as a quite reliable guarantee of clan balance. 

The old sins of Akhmetzhan Yessimov

Recall that the nephew of the "leader of the nation," Akhmetzhan Yessimov, while discovering vast corruption opportunities in his role as akim of Almaty, posed no threat to Nazarbayev, despite acting audaciously due to his tribal ties, significantly increasing the protest potential of Almaty residents. In particular, the construction he initiated in the Kok-Zhailau tract ultimately turned into an organized opposition movement. Additionally, akim Akhmetzhan Yessimov started an annual battle with sidewalks and the construction of numerous road interchanges, providing the concrete industry with orders for years to come. After this, he encroached on the protected Kok-Zhailau tract, beginning its development with elite cottages.

To Launder in Singapore: The Venture Scheme of Galimzhan Yessenov

It is notable that the group of venture funds m in Singapore, pointed out in his Facebook post by pseudo-opposition member and Russophobe Mukhtar Taizhan, is directly connected with Galimzhan Yessenov, the son-in-law and "wallet" of Akhmetzhan Yessimov. At the same time, the multimillionaire, raider, and member of the organized criminal group "Four Brothers," Margulan Seysembayev, claimed that his partners in Asadel Group are his brother Erlan and some “American and Spanish” partners. However, one of the materials (cited by Taizhan) contains different information, according to which Yessenov is the main partner of Seysembayev (he owns the controlling stake of 50%, while Seysembayev’s wife, Saule Seysembayeva, owns 47.5% of the shares, and 2.5% are owned by Erik Sultankulov—an affiliate of Seysembayev, who heads the egg business "Alel Agro" and was previously chairman of the board of JSC "Alliance Bank" and an accomplice in the case of embezzling 900 million dollars).

The share of Akhmetzhan Yessimov’s son-in-law Galimzhan Yessenov was hidden under a complex scheme of purchases through a series of offshore companies. The controlling stake of 50% was acquired through the company "Fabiano Ltd.," registered in the UAE, with the purchase not formalized with Seysembayev, as the founder of Asadel Group, but with an offshore entity "Narwal Ltd.," registered in the British Virgin Islands. The interests of "Narwal Ltd." in the deal were represented by Timur Zhanabayev, who is a front or "nominee" - previously Zhanabayev worked with Yessenov in LLP "KNG Finance" and LLP "Kazphosphate". In summary, it is surprising that no criminal case has been opened so far on the fact of the siphoning and subsequent withdrawal of billions of dollars from Kazakhstan by  the Akhmetzhan Yessimov and Galimzhan Yessenov families. And it is unlikely to be opened anytime soon…