On March 3, 2021, YouTube channel Base released a resonant video titled «Timur and Dinara Ain’t Got Nothing. Kayrat Satybaldy Is the Richest of the Nazarbayev Family». Since this resource has got 758 thousand followers and a number of other social network users can also watch it, we have no doubt that this news has spread all over Kazakhstan and is now the talk of the town in the Kazakh society.
To those unfamiliar with the video, let us inform you that, at first, the hosts of the Base channel, Aydos and Natalia Sadykovs, had said that Kayrat Satybaldy’s fortune was worth US6 $ bln, in other words, it was greater than Timur and Dinara Kulibayevs’ fortunes combined. But later, based on Satybaldy’s two key assets, the participation interests in Kaspi Bank and Kazakhtelecom, they have reduced the number to US2 $ bln 66 mln.
Now then, let us disagree with this estimation.
The thing is that the authors of the video had assumed that, if an asset was owned by an offshore company controlled by the Elbasy’s nephew, he must be the asset’s actual co-owner. But it is not always the case. We will demonstrate it via the Kazakhtelecom case.
Yes, currently, 25% of the Kazakhtelecom shares belong to Skyline Investment Company S.A. registered in Luxembourg and owned by Kayrat Satybaldy.
(The reader may learn about when and how this information became known from our recent publication «On Kayrat Satybaldy and Kazakhtelecom»).
Mr. Satybaldy got his shares from businessman Alexander Klebanov who, in his turn, had «inherited» them from entrepreneur Aygul Nuriyeva. Klebanov is known as a frontman of Dariga Nazarbayeva, Nursultan Nazarbayev’s eldest daughter, while Nuriyeva acts as a proxy for Karim Masimov, the Chief of Kazakhstan’s National Security Committee and one of the Elbasy’s closest allies. However, the 25% currently belonging to Kayrat Satybaldy are but a part of Klebanov’s and Nuriyeva’s portfolios.
Those who wish to learn more on the subject may read about it in our publications -
Why It Wasn’t Possible to Get Rid of Esekeyev;
Offshore Risks and Klebanov Problem;
Kazakhtelecom: The Back-Door Action.
Now then, we believe it is not only Kayrat Satybaldy but the entire Nazarbayev family/clan that owns 25% of Kazakhtelecom. At this point, we cannot tell how the shares are divided among the family members. Although we are certain that the decisions on who gets what are made by the head of clan, the First President and the Leader of the Nation Nursultan Nazarbayev. For this reason, we detract the Kazakhtelecom shares owned by Skyline Investment Company S.A. from Mr. Satybaldy’s personal fortune.
But the Kaspi Bank matter is much more complicated.
Yes, we do believe that Kayrat Satybaldy has been, is and will be one of the co-owners of this successful project. We have devoted several publications to this sensitive subject -
Kaspirin.kz’ Price of Success. KZ.expert’s Take;
On Satybaldy and His Exit from Kaspi Bank.
However, we have always shied away from estimating how many shares are owned by Kayrat Satybaldy and how many of them belong to the people acting as his «frontmen» in the project. Based on our knowledge of the Kazakh practices, we may assume that the latter have got about 20% of the shares while the remaining 80% have been left in Mr. Satybaldy’s hands or have been transferred to some of his relatives (as a gift or a payment for other assets/political support or as a compensation for some troubles).
All this means that, even though Nursultan Nazarbayev’s nephew is indeed much wealthier that estimated by Forbes.kz, he is nonetheless «poorer» than Dinara and Timur Kulibayevs. Especially considering that not all the latter’s assets are counted by those estimating their fortunes.
By way of apologising to Aydos and Natalia Sadykovs for our criticism, we will give them a tip regarding an asset that, according to our insiders, belongs to Kayrat Satybaldy and yet, has escaped the authors’ attention. We are talking about the Kaisar Plaza shopping and business centre located in the very centre for Almaty.
At this point, we cannot tell how the Elbasy’s nephew has become the owner or a co-owner of the asset and how much his share’s worth, but the project does seem quite impressive. Its location alone is so high-priced that one’s head gets swimming. And this new business-project confirms yet again — it is not the Constitution but the private interests of those «protecting» it and abusing it that rule the roost in Kazakhstan.
