The End of Tsesna Corporation

Since Adilbek Dzhaksybekov and his relatives sold Tsesnabank JSC to First Heartland Securities, the former head of the Presidential Administration has virtually disappeared from the country’s information space. The only exception was his appearance at the football match between the national teams of Kazakhstan and Russia that took place on March 24, 2019, in Astana, as part of the EURO-2020 qualification phase.

One can see on the photos that Adilbek Dzhaksybekov is watching the game from the VIP-grandstand together with Kazakhstan’s second President Kasym-Zhomart Tokayev, Prime Minister Askar Mamin, Head of the Presidential Administration Bakytzhan Sagintayev and Governor of Nur-Sultan (former Astana) Bakhyt Sultanov. However, Dzhaksybekov’s face is looking rather sad. 

It seems that the reason why retiree Adilbek Dzhaksybekov appeared among such a respected company lies in the fact that he is still in charge of the Football Federation of Kazakhstan.

As for the Dzhaksybekovs’ family business in Kazakhstan, apparently, it has been smudged out of existence. This is attested to by the following:

  • the disappearance of Tsesna Corporation JSC from the web (at attempt to access its website, one gets the error report);
  • the KASE website’s announcement on reducing the corporation’s managing board to one person, Fogel V.G., the CEO;
  • the official notification issued by the corporation on April 3, 2019, on the unanimous decision of the shareholders’ meeting of April 1, 2019, on the voluntary delisting of the preferred shares from the stock exchange.

Adding to this the absence of the 2018 financial statement on the KASE website as of April 11, 2019, it looks like this asset of the Dzhaksybekovs family may soon become history.

Obviously, the former head of the Presidential Administration and his immediate family are not going to join the line of those waiting for the social aid at a public service center. Nonetheless, it is clear that Adilbek Dzhaksybekov has suffered a resounding defeat in the internal political war. In less than a year, he has turned from a “demigod” into an ordinary second-rate representative of the Kazakh ruling elite who is now unlikely to be feared and hence can be ignored.

We have already prepared a special report on how and why Adilbek Dzhaksybekov has lost his main Kazakh asset, Tsesnabank JSC, and who has benefited from the fall of one of Nursultan Nazarbayev’s closest allies. Soon, we will present this report as part of the portal’s new project – the bulletin that will be distributed on subscription only.


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