Kazakhstan's Nephew Returns Approximately $1.5 Billion to State Treasury
A refreshed take on the Kazakhstan asset recovery case:
Kairat Satybaldy, the former president's nephew, has made a sizable payment of approximately 700 billion tenge (over $1.5 billion) to the state treasury, anti-corruption officials announced on February 8. This staggering sum, representing an alleged ill-gotten fortune, serves as a major success in the government's efforts to recoup funds supposedly illegally acquired under the Nazarbayev regime.
As Usual, the Restitution Saga ContinuesSatybaldy, who's currently imprisoned for embezzlement, is reportedly making these payments while facing a new barrage of criminal charges. The Anti-Corruption Agency (Antikor) has revealed that about 45 billion tenge of these funds were recently recovered, adding to the initial 650 billion tenge. These figures encompass both cash and other assets, including a significant 30% stake in telecom giant Kazakhtelecom.
An Investigation into Satybaldy's Laundering ActivitiesAccording to Arman Tleukenov, Antikor's spokesperson, the probe into Satybaldy's alleged money laundering activities has now been forwarded to the courts. Tleukenov also claims that the funds seized by Satybaldy were used to acquire properties domestically and abroad.
Satybaldy's DownfallArrested at Almaty airport in March 2022, attempting to jet off to Dubai, Satybaldy was subsequently sentenced to six years in a maximum-security prison for major embezzlement in September of the same year. In addition to his imprisonment, Satybaldy lost his General-Major rank in the National Security Committee (KNB), all his state awards, and is barred from holding public office for a decade.
Rooting Out the Nazarbayev ClanThis crackdown on the Nazarbayev family surfaced in the aftermath of the nationwide unrest that rocked the country in January 2022. Kassym-Jomart Tokayev, the current president, swiftly removed Nazarbayev from his role as head of the domestic Security Council following the crisis.
The authorities claim to have recovered over 912 billion tenge (approximately $2 billion) since then, with a significant portion stemming from Satybaldy's ill-gotten funds. It is believed that this recuperation endeavor may escalate under the new administration.
A Change in LeadershipOn February 6, Tokayev accepted Alikhan Smailov's resignation as prime minister and appointed former Anti-Corruption Agency chief Olzhas Bektenov in his place. Parliament quickly endorsed the move. Although Bektenov lacks political experience, he garnered a reputation as a relentless foe of the Nazarbayev family.
Tokayev underscored the importance of recouping unlawfully obtained assets as a critical investment for the economy during a government meeting on February 7. He urged the agencies spearheading the operation to redouble their efforts, emphasizing that such actions would be crucial to implementing key projects moving forward.
News of the continued restitution saga in Kazakhstan involves significant figures in finance and politics. The Anti-Corruption Agency's recent revelation that about 49 billion tenge of the funds recovered from Kairat Satybaldy, a former president's nephew, were from general-news worthy cases, including a 30% stake in telecom giant Kazakhtelecom, sheds light on the government's business efforts to recoup allegedly illegally acquired funds under the Nazarbayev regime. The new prime minister, Olzhas Bektenov, former Anti-Corruption Agency chief, has been appointed, indicating a change in leadership with a focus on rooting out the Nazarbayev clan and striking a blow against corruption in Kazakh politics and finance.
