Brother Nazarbayev was ordered to return 31.9% of the shares of the plant in Alma-Ata

The Supreme Court of Kazakhstan ordered Bolat Nazarbayev, brother of the ex-president of the republic Nursultan Nazarbayev, to return 31.9% of the shares of the Almaty Heavy Machine Building Plant (AZTM) to the state. About it informed TASS with reference to the decision of the judicial board.

“To invalidate the securities purchase and sale agreement dated April 2, 2009, concluded between Bolat Nazarbayev and PLS-TM LLP regarding the sale of ordinary registered shares of Almaty Heavy Engineering Plant JSC, constituting 31.9% of the authorized capital. <...> To oblige Bolat Nazarbayev to return ordinary registered shares of AZTM JSC in the amount of 31.9% of the authorized capital of the plant to the ownership of the state,” the text of the resolution says.

In 1998, the Department of State Property of the Ministry of Finance of Kazakhstan sold a 31.9% stake in the plant to a private investor Temir Kon LLP for 105.3 million tenge, follows from the case file. The purchase and sale agreement provided for an increase in production volumes, the preservation of the profile of the plant’s activities and the right of the committee to control their implementation.

Later, in 2007, Temir Kon sold these shares to Nazarbayev. In case of non-fulfillment of the transferred requirements, Nazarbayev had to return the state block of shares to the department. After the conclusion of the agreement, Nazarbayev sold 398,246 ordinary shares of the plant to PLS-TM LLP. Due to the lack of consent of the State Department of the Ministry of Finance of the Republic, the court ruled that this transaction is invalid.

Bolat Nazarbayev is the owner of the BN Invest holding, the founder of the public fund Salikaly Urpak (Noble Generation) and the younger brother of the first President of Kazakhstan, Nursultan Nazarbayev.

At the beginning of January 2022, mass protests began in Kazakhstan after raising fuel prices. Later, peaceful demonstrations turned into violent riots, both by the police and by protesters. According to authorities, 225 people died during the rallies. After the end of street riots in the country, the detentions of officials and reshuffling of state-owned companies began. Also, reforms began to be carried out in the parliament and government, in particular in relation to the former president Nazarbayev.

After the end of the protests, relatives and close associates of the ex-president began to leave their positions in government and business. On January 15, the husband of the youngest daughter of the first president, Aliya Nazarbayeva, Dimash Dasanov, lost his position as chairman of the board of Kaztransoil JSC (an analogue of the Russian Transneft) since August 2016, and Kairat Sharipbayev, who since 2020 is allegedly unofficially married to the eldest daughter of ex -President Dariga, lost his position as Chairman of the Board of QazaqGaz (formerly Kaztransgaz). The former associate of the first president, the head of the National Security Committee (KNB) of the republic, Karim Masimov, was removed from his post at the height of the unrest on January 5. On January 11, he was arrested on suspicion of treason. Nazarbayev himself lost some of his privileges and the status of “leader of the nation.”