A Quiet Repartition

On August 14, 2019, the Kazakhstan Stock Exchange released an announcement that seems to have gone unnoticed by the experts and the media. We are talking about the replacement of Aktobe Neftepererabotka LLP’s Chief Executive Officer.

Let us quite the announcement in its entirety.

“Aktobe Neftepererabotka LLP (Aktobe) officially listed at the Kazakhstan Stock Exchange (KASE) has informed the KASE that, on August 6, 2019, the authorities of its Chief Executive Officer Tasmagambetov I.K. and the Executive Board were terminated and a Single Executive Body was introduced. Starting from August 7, 2019, Kim A.I. is elected to perform the duties of the Chief Executive Officer”. (The text of the original document can be found here - text available in Russian).

As we can see, the rather important fact confirms our insiders’ information that Imangali Tasmagambetov and his family are getting their assets in order while leaving the business-projects that, one way or another, are or can become problem-plagued. (See The Blubs in the Kazakhstan Swamp ).

Unfortunately, the official site of Aktobe Neftepererabotka LLP provides no information regarding the partners and the shares they own. But Almaz Kuzhagaliyev whose high-profile criminal trial has resulted in 19 years of imprisonment was one of the latter. We wrote on this resonant case and judicial trial in the articles Two Birds with One Stone , The Trail Leads to Tasmagambetov, Who Is Behind Kuzhagaliyev's Case.

By the looks of it, Imangali Tasmagambetov (currently serving as the Ambassador of the Republic of Kazakhstan to Russia) and his son-in-law, nationally-recognized entrepreneur Kenes Rakishev who manages the business-interests of the family have concluded that Ilyas Tasmagambetov’s position as Aktobe Neftepererabotka’s CEO is becoming dangerous for them. Moreover, judging by the information provided by our sources, they have decided to leave this business-project entirely.

In particular, we have been informed that the participation interest of the company’s majority shareholders (about 58%) has been placed under fiduciary management of the company affiliated with Nurbol Bolatovich Nazarbayev (Bolat Nursultanovich Nazarbayev’s son and the First President Nursultan Nazarbayev’s nephew).

Bolat Nazarbayev with his son and brother. Photo from the archive of the "Respublika"

According to our sources, the negotiations with the Leader of the Nation’s relatives were handled by Kenes Rakishev. But whether they will be compensated for leaving the business-project and what the size of the compensation will be is yet to be seen.

Our sources have also remarked on an astonishing fact – Nurbol Nazarbayev’s representatives are carrying themselves in quite a polite way as oppose to the previous occasions. This can be explained by either the serious internal political changes in the country (the head of the Nazarbayev clan has given the presidential chair and the authorities to Kasym-Zhomart Tokayev) or the fact that they have received a strict order not to provoke conflicts with Aktobe Neftepererabotka’s management and employees so that the information on the changes in the company’s ownership does not become widely known.


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