A Leak on Timur Kulibayev

It looks like our latest material on the investors’ “fight” for Vavilonskoye polymetallic ore field in the East Kazakhstan region has caused quite a commotion among those involved in the matter.

According to our insiders, the potential buyer of a 51% stake of MTS-Ertis LLP businessman Tleukabyl Abdulin whom we mention in our previous publications (see here and here) has refused to pay for it. The sources do not know whether this decision is final or may be re-examined.

Apart from that, we have learned that Kazakhstan’s Vice Minister of Industry and Infrastructural Development Ruslan Baymishev, one of the main “heroes” of this high-profile story, is laying low and categorically refuses to communicate with the other figurants of the case.  

We do not know whether Minister of Industry and Infrastructural Development Beybut Atamkulov is aware of the situation, however, he is likely to have been informed on the matter. For the audio recording of Erzhan Kumarov’s phone conversation that, among other things, mentions “covering the a..ss” of his deputy has turned out to be way too scandalous.

Besides, anonymous users have written such informative comments on the article “Baymishev “Audio-Leaked” that one is left struck with wonder. Let us quote a couple of them. The first one is particularly sensitive for Erzhan Kumarov, the second one – for Ruslan Baymishev.

In the first commentary, user ‘Kibernetic’ (Cybernetician) explains (or at least hypothesises) who has recorded the scandalous audios. Here is the post.

“Baymishev was “audio-leaked” in a most idiotic fashion. The thing is that the lawyer of Norton Rose Fulbright Erzhan Kumarov has a bad habit of recording his conversations on dictaphone in order to later use them as kompromat against his clients. He had clearly overestimated his skills as a spy and went too far. The leak of his audio files is likely related to the carelessness towards the cyber security issues. In the meantime, after the “week of kompromats”, the Ministry of Industry’s officials are closing their accounts left and right or deleting the compromising photos (oftentimes, both). Who knows what someone may think and where this someone may want to leak the materials to. In our digital age, social networks are not only smilies under photos of kittens but a double-edged sward. It looks like some people, like Dzhakishev and Kumarov, have forgotten about it”.

The second post deals with where Mr. Kumarov would like to send the “compensation” for Vavilonskoye polymetallic ore field. Here is the post of user BAYMISHEVGATE, unedited.

“For the attention of Kazakhstan’s law-enforcement agencies and civil society.

I hereby inform that, as part of an independent investigation entitled “Baymishevgate”, we have received verified data on foreign bank accounts to which the monetary funds received from the fraudulent scheme related to the implementation of the Vavilonskoye polymetallic ore filed development project in the East Kazakhstan region had been transferred. The end beneficiaries whose names appear on the accounts kept in the German Deutsche Bank are Kumarov Erzhan Kakimovich himself and his wife Kumarova Aliya Bulatovna.  

The renewed accounts were open on 23 December, 2020, right before the signing of the “secret” letter No. 037/2020 of 17 February, 2020 (mentioned in the article) in which Kumarov, without the approval of Babylon Holdings B.V.’s shareholders, backs out of participating in the Vavilonskoye project speaking on behalf of this company. The Kumarovs’ representative acted as an intermediary in opening the aforementioned accounts. Here is this person’s data: с/о Sailau Shingisov, OT Poikam, Waldweg 10c, Bad Abbach, 93077, Deutschland.

According to information received, it is from these accounts that Kazakhstan’s Vice Minister of Industry and Trade Baymishev R.N. was supposed to receive the compensation upon signing the permission to change the list of MTC-Ertis LLP’s founding members”.

On behalf of KZ.expert, we would like to add that, if the audio recordings of Erzhan Kumarov’s conversations (phone conversations and the ones face to face) were made by himself and then leaked due to his carelessness, one may predict that the “fight” for Vavilonskoye field could have some unexpected consequences.

Why we think so? Because, as a lawyer, he has worked with Kazakhstan’s major companies and businessmen. This clearly follows from the mention of Timur Kulibayev’s sale-purchase transaction of a gold-mining company in one of the recordings.

Judging by the dates mentioned by Mr. Kumarov, they were talking about AK Altynalmas JSC that was sold to Vladimir Dzhumanbayev (32.5% of the shares) and Gouden Rererves B.V. (67.5%).

According to Forbes-Kazakhstan, as a result of this transaction, the son in law of the First President and the Leader of the Nation received 17.4 bln tenge or about US$53 mln. 

However, according to the audio recording that we have in our possession, the name of the game is about US$700 mln (!).

Since we have not yet puzzled out this story, we cannot claim that Timur Kulibayev has deceived the Kazakh tax authorities yet again. However, we do have our suspicions.

Hypothetically, of course, it is possible that Kumarov got the dates wrong and was talking about Kulubayev’s earlier transaction completed in 2014. Then, to buy the country’s second-biggest gold deposit Bakyrchik owned by AK Altynalmas JSC, the Russian Polimetall paid US$318.5 mln and 7.45% of its new shares worth US$300 mln. In other words, US$618.5 mln in total.

Be as it may, but now we would like to hear some answers from the head of Kazakhstan’s National Entrepreneurs Chamber.

Hopefully, we are not in this desire.


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