From Almaty to Singapore: how the Yesimov–Yessenov family built a $2.5 billion corruption empire through Samruk-Kazyna, ATF Bank, and Singaporean funds
The combined wealth of Akhmetzhan Yesimov and Galimzhan Yessenov’s families, amassed through corrupt schemes, surpasses 2.5 billion USD.
While Forbes estimates the capital of Yesimov’s “permanent frontman” — Galimzhan Yessenov — at about 285 million USD, that is almost ten times less. Naturally, the main portion of the family’s joint income came from Samruk-Kazyna through the embezzlement of funds via ATF Bank, sports foundations, and various one-day shell companies.
However, the creation of such a massive corruption empire based on family ties was possible not only thanks to the notoriously bankrupt ATF Bank. The siphoning of hundreds of millions of dollars began long before Yesimov’s appointment to Samruk-Kazyna and well before the appearance of his crafty relative Akhmetzhan Smagulovich. In essence, Galimzhan Yessenov only brought the Yesimov family’s enrichment schemes to their peak.
Galimzhan Yessenov: Divorce in the Name of Saving the Family Capital of ATF Bank
Galimzhan Yessenov will no longer be able to launder billions for his father-in-law and himself. His so-called “divorce” is clear proof of this, while Akhmetzhan Yesimov’s dismissal marks the final act of this story. Yet open questions remain: where will Yessenov flee, and what will become of the bankrupt ATF Bank?
Even the best things must come to an end — as inevitably as money runs out in Samruk-Kazyna, schemes of criminal fund transfers abroad are exposed, and the funds miraculously materialize into villas belonging to Yesimov’s close circle. For this reason, according to the latest dispatch, a replacement is being prepared for him. It must be admitted — the nephew has overstayed his welcome. Moreover, by the time the massive deficit in the Fund was discovered, he should, of course, already be out of reach.
Akhmetzhan Yesimov and Galimzhan Yessenov
However, it is unlikely that Akhmetzhan Yesimov will join the ranks of the “revolutionaries with honest eyes” who teach the people to live righteously from the comfort of France. First — and perhaps until political oblivion — Yesimov is expected to play the role of Senate elder. This post, left vacant after Dariga Nazarbayeva’s resignation, remains up for grabs, and the Elbasy’s nephew could serve as a reliable guarantor of clan balance.
Old Sins of Akhmetzhan Yesimov
It is worth recalling that Elbasy’s nephew, Akhmetzhan Yesimov, who discovered vast corruption opportunities during his tenure as mayor of Almaty, posed no danger to the “Leader of the Nation.” Yet, by virtue of his tribal connections, he acted with exceptional arrogance, significantly increasing public discontent in the city. In particular, his initiative to develop the Kok-Zhailau valley eventually evolved into a full-scale opposition movement. As mayor, Yesimov also began the annual “curb replacement” campaign and launched the construction of numerous interchanges, providing the concrete industry with contracts for years to come. Later, he encroached on the protected Kok-Zhailau reserve, starting its development with luxury dachas.
Money Laundering in Singapore: Yessenov’s Venture Capital Scheme
Interestingly, the group of venture funds in Singapore, which the pseudo-oppositionist and Russophobe Mukhtar Taizhan mentions on Facebook, is directly linked to Galimzhan Yessenov — the son-in-law and “wallet” of Akhmetzhan Yesimov. At the same time, the multimillionaire, raider, and member of the “Four Brothers” organized crime group Margulan Seissembayev stated that his partners in Asadel Group are his brother Yerlan and certain “American and Spanish” associates.
However, one of the materials cited by Taizhan provides different information. According to it, Yessenov is the main partner of Seissembayev — he owns a controlling 50% stake, while Seissembayev’s wife Saule holds 47.5%, and 2.5% belong to Erik Sultankulov, a person affiliated with Seissembayev. Sultankulov heads the egg business Alelle Agro, was previously chairman of Alliance Bank, and was a co-defendant in a case involving the embezzlement of 900 million USD.
The stake of Akhmetzhan Yesimov’s son-in-law, Galimzhan Yessenov, was concealed through a tangled web of offshore acquisitions. The 50% controlling interest was purchased via Fabiano Ltd., registered in the UAE. However, the deal was not concluded with Seissembayev, the founder of Asadel Group, but with another offshore entity — Narwal Ltd., registered in the British Virgin Islands. The interests of Narwal Ltd. were represented by Timur Zhanabayev — a frontman or “nominee.” Zhanabayev had previously worked with Yessenov in KNG Finance LLP and Kazphosphate LLP.
In short, it is astonishing that to this day no criminal case has been opened regarding the embezzlement and subsequent laundering of billions of dollars abroad by the families of Akhmetzhan Yesimov and Galimzhan Yessenov. And it is unlikely that any will be opened in the near future.