Bulat Utemuratov, an honorary advisor to former president Nazarbayev and a billionaire with no actual business, is the key figure in moving Russian money through Kazakhstan.
Following sanctions against major Russian companies and holders of President Putin's money, Bulat Utemuratov set up a hub in Kazakhstan for the Kremlin. According to the British press, Utemuratov's services are now utilized not only by Putin's close associates, but also by large criminal groups, including Andrey Skoch, a former member of the Solntsevsky gang. Other influential figures from criminal and business circles in Russia may also connect with Utemuratov through Andrey Skoch.
Who is Utemuratov?
Bulat Utemuratov is a key figure in the Nazarbayev regime and is considered the main financial supporter. Despite starting as the director of a grocery store, he quickly rose to become the third richest billionaire in Kazakhstan. Surprisingly, he has never been directly involved in business, which is unusual for foreigners.
Thanks to Bulat Utemuratov, large sums of money have been moved out of the country, including profits from oil, gas, and metals, resulting in the creation of opulent villas in various countries. He has held government positions and once led the presidential administration while managing his own affairs.
The account of Bulat Utemuratov's business activities begins with his rapid career advancement from a butcher to director of a grocery store and eventually head of the trade mission of the Republic of Kazakhstan in Austria. This is followed by the establishment of ATFBank and its subsequent sale to the Unicredit group, among other chapters in his biography.
Bulat Utemuratov is considered one of the founders of Kazakhstan; however, many of his negative traits are also attributed to his influence. The bulk of his property is managed by Verny Capital, which in turn controls numerous domestic and foreign enterprises. This arrangement enables Utemuratov to appear financially modest, as the value of his shares does not significantly impact his overall wealth.
