Today, Public Eye (NGO) has revealed the results of an anti-corruption investigation in the oil industry. Particularly, this refers to the Kazakh operations of private trader Vitol. As the investigation has shown, the company is closely related to President Nazarbayev’s son-in-law, Timur Kulibayev.
The authors of the investigation (Agathe Duparc with Camille Chappuis, Marc Guéniat and Andreas Missbach) note that Vitol was marketing nearly a quarter of Kazakh crude earmarked for export in 2014. Then, in 2015 and 2016, it signed a $5.2 bln additional funding agreement with KazMunaiGas in exchange for the access to the Tengiz and the Kazhagan oilfields.
The Swiss giant Vitol holds the lion’s share of the market in Kazakhstan. The company was already marketing nearly a quarter of Kazakh crude earmarked for export in 2014; it then obtained strategic access to the biggest oil fields in the country. What’s the recipe for such success? Through access to exclusive documents, Public Eye reveals that Vitol has entered into a partnership with individuals close to the ruling powers in Kazakhstan through a discrete joint venture – Ingma Holding BV – and that the President’s son-in-law, Timur Kulibayev, has indirectly benefitted from this lucrative alliance.
The authors sought to find out the secret of Vitol’s success and, in the course of their investigation, they learned of the existence of Ingma Holding BV discrete joint venture. The company was founded in 2003 in Rotterdam and was primarily engaged in the sale of the Kazakh oil. The journalists have been able to prove that Dias Suleimenov and Daniyar Abulgazin, two Timur Kulibayev’s close partners, are behind this company.
From 2009 to 2016, Ingma’s gross income constituted more than $93 bln. The company paid out at least US $1 billion in dividends to its shareholders. The documents show that even though his name does not appear on paper, Timur Kulibayev indirectly benefits from this partnership.
See the results of the entire investigation here - http://stories.publiceye.ch/vitolinkazakhstan/index.html?fbclid=IwAR04JvayVSseeIaPo2ywXbeYI1-M1ORipDDNPBHLq5Jt7fakq-AX0m9Qt44