Kenes (or Kenges) Rakishev is a prominent businessman, investor, and philanthropist from Kazakhstan. He is known for his involvement in various industries, including finance, technology, and natural resources. Rakishev has been involved in numerous business ventures and investments both domestically and internationally. He is closely linked to Kazakhstan’s political elite as the son-in-law of Imangali Tasmagambetov, a former Prime Minister of Kazakhstan.
Kenes Rakishev’s estimated net worth is approximately $960 million according to Forbes magazine, according to the unofficial version, Kenes Rakishev’s capital is almost 1.7 billion and he made his fortune through scams and machinations in which he was favored by the highest state officials of Kazakhstan and some well-known Russian politicians.
Kenes Rakishev is a rather scandalous figure about whom we know a lot, from his lewd adventures and intimate correspondence to his failed startups.
Kenes Rakishev business activities
- Banking and Finance: Rakishev obtained a significant stake in BTA Bank from the Kazakh government after it was temporarily nationalized. He then became the new chairman of the bank’s board of directors. Rakishev was also involved in a major acquisition and merger process, significantly increasing his stake in Kazkommertsbank (Qazkommertsbank) JSC or Qazkom, eventually becoming its largest shareholder and chairman of the board of directors.
Return Of Stake
In 2014, Kazakh billionaire Kenes Rakishev, son-in-law of the former prime minister, acquired the government’s initial stake in BTA Bank.
BTA is a lender with a rich history. In the 2000s, it was owned by another Kazakh billionaire, Mukhtar Ablyazov, who later fell out with then-President Nazarbayev, was accused of embezzling the bank’s funds and fled the country. The bank was temporarily nationalized, and its new administration began a worldwide search for the lost billions.
Over the next few years, Rakishev gradually increased his stake in BTA to a controlling stake and transformed the bank by getting rid of the banking business. In effect, he turned BTA into an investment company whose main assets were the claims against Ablyazov, estimated at $6 billion.
Much of Ablyazov’s assets claimed by BTA are in Russia, including land plots, development projects and a port. Even before Rakishev appeared, there was a fierce struggle for these assets.
As soon as Rakishev appeared in the case, Ablyazov’s own investigators discovered that he was working with people close to Ramzan Kadyrov, including Krotov. One of Ablyazov’s acquaintances told The Project that Krotov played the role of someone who “could kick your ass if he needed to.”
The Ablyazov acquaintance also said that the Chechens went on the attack, demanding that Ablyazov’s assets be handed over to Rakishev.
Rakishev and Kadyrov have known each other since the mid-2000s and often appear in joint photos.
In his Facebook post, the Chechen leader praised Rakishev: “He helps our people a lot, often visits me, always shares his joys and sorrows with me. He is known and respected in Chechnya. The people call my BROTHER a prince”.
The Russian company registry shows that at least one major BTA asset – Vitino, an oil port on the White Sea in northern Russia – was indeed returned to Rakishev’s bank with Krotov’s involvement. In 2015, the port was acquired by the Vitino Management Company, which is now partially owned by BTA.
Rakishev, with legal support from his loyal attorneys Vladimir Timoshin and Maximilian Grishin, successfully gained control of the port, and Chechen associates of Rakishev’s friends became founders of the Vitino Management Company.
One of the two founders of Vitino Management Company was Dmitry Shivkov. According to Krotov’s correspondence, Shivkov is the brother of his wife Yana Shivkova, an actor who has played dozens of small roles in Russian films and television series, including the cult underworld movie “Brigada”.
In addition to family ties, the emails show Shivkov helping Krotov in his business dealings. In particular, he represented his interests in negotiations with Rovner, the owner of land in Kotelniki.
Krotov told reporters that he never worked for Kenes Rakishev, has nothing to do with BTA Bank and does not even know where Vitino is located.
Ramzan Kadyrov and Kenes Rakishev
Rakishev openly provided support to Kadyrov, evident in his sponsorship of Grozny Terek, among other endeavors.
Rakishev’s email, sent to the Agency’s mailing address, spans from the late 2000s to the early 2010s.
From its contents, it appears that the oligarch dedicated considerable attention to Chechnya. It is likely that he orchestrated the public events utilized by Kadyrov for his public relations. In October 2011, the renowned actor Jean-Claude Van Damme visited to commemorate Grozny’s city day, an event that left a profound impression on him. Van Damme even publicly referred to Kadyrov as a “friend” following his trip.
In reality, the visit was a commercial endeavor facilitated by Rakishev himself. He coordinated with the actor through the agency Doors to Hollywood, which specializes in arranging celebrity appearances at various events for a fee.
The exact amount paid to Van Damme remains undisclosed. However, Rakishev was cautioned by agents that bringing Cristiano Ronaldo to Grozny could demand up to a million euros, while arranging Terek’s training with Barcelona might incur a cost of 1.5 million euros.
Photo: Kenes Rakishev discusses the arrival of foreign stars in Chechnya. Source Kenes Rakishev Post
But the most interesting part of the correspondence relates to the period of construction of the palace in Grozny.
The situation escalated after the US imposed sanctions against Ramzan Kadyrov, which forced Rakishev to conceal his business partnership with Kadyrov. The US sanctions targeted individuals with financial ties to Kadyrov, and Rakishev, being a key figure in promoting Kadyrov’s interests, came under scrutiny.
Rakishev’s position is further complicated by his association with Nikolai Budilo, a former Interior Ministry investigator on the Magnitsky List. Rakishev’s informal communication with Budilo, facilitated by his lawyer Vladimir Timoshin, is related to their joint participation in the attempted seizure of Nginx as part of a criminal case that led to an international scandal.
Audio from restaurateur Jeanne Kim’s Element restaurant sheds light on Rakishev’s involvement in resolving the conflict that led to the shooting. Attorneys representing Rakishev’s opponents attempted to discuss the debt situation with Kim, but the situation escalated after Kim contacted Rakishev. Rakishev promised to send his assistants, including lawyer Eduard Budantsev, who has close ties to the Russian Federal Security Service. The conflict, deliberately provoked by Rakishev, was joined by associates of Zakhar Kalashov (Shakro Molodoy). The altercation escalated into a fatal shootout, with Budantsev being the only person to use a live weapon, resulting in the deaths of two Italian guards.
Given these difficult circumstances, Rakishev has been cutting back on his visits to Russia, and those involved in the conflict have avoided legal proceedings to avoid uncomfortable questions about Rakishev’s patronage and connections.
Qazkom
“Kazkommertsbank”, of which Rakishev is a member of the Board of Directors. After only a couple of years under its management, the state is preparing an urgent “injection” of $4.5 billion into the bank to save it from bankruptcy. The obvious question is, from what resources did these millions of dollars come?
Was it not thanks to his friendship with his son-in-law, Timur Askarovich (Askaruly) Kulibayev, who holds a post of national importance? The main co-investor of Kazkommertsbank in the purchase of 93% of shares of BTA Bank was not Kenes Rakishev, but his crony friend Timur Kulibayev. Friendship and business cannot be combined or otherwise put side by side, but in this case, the example of Rakishev and Kulibayev shows a very interesting “tandem”.
In fact, this is a planned, mutually beneficial cooperation, when Kulibayev actually earns money and steals the state treasury, and Rakishev covers for him, while receiving privileges in the form of an honorary title of “oligarch and businessman” with unlimited budget for his own needs and recreation expenses.
Prince Andrew Sunninghill mansion
In 2008, within the United Kingdom, a Kazakh individual acquired the “family residence” Sunninghill Park from Prince Andrew, the son of Queen Elizabeth II.
Despite the transaction being conducted through an offshore entity, it was revealed that the purchaser was Kenes Rakishev, who acquired the mansion and its surrounding grounds for £15 million. Subsequently, it emerged that the true beneficiary of the property was allegedly Timur Kulibayev, who purportedly intended it as a lavish gift for his partner. However, despite documentation suggesting otherwise, Kulibayev refuted any involvement, especially as several members of Nazarbayev’s family were facing legal scrutiny at the time under charges related to money laundering
According to Land Registry records, the mansion was sold for £15 million in September 2007.
Prince Andrew must have decided that his lucky day had arrived after the mansion had been up for sale for five years. The sum paid was £3 million more than the asking price and even more than the £10 million he was advised he could have fetched.
The purchase of the property and Kulibayev’s involvement in the Sunninghill Park deal was very well concealed. But what the buyers failed to take into account was that the Crown Estate, the company that services Windsor’s Great Park (where Sunninghill Park is located), sent water bills to Olga Aristova, Kulibayev’s assistant in Kazakhstan. The debt collection agency used by E.ON claimed more than £4,000 from Kenes Rakishev for outstanding electricity bills for Sunninghill Park.
- Industrial Holding and Investments: He serves as the Chairman of the Board of Directors of Sat & Company, a diversified industrial holding, and has made investments through Sat Company and Singulariteam Ltd. His investments span technology, oil and gas, finance, shipbuilding, metals, and mining sectors.
In 2005, Abi Petroleum Capital commissioned geological surveys for Gryadovoye from Kazakhstankaspiishelf, a company in which Sat & Company held a 50% stake. Sat & Company was established by Kenes Rakishev, a highly influential figure in Kazakhstan’s business landscape, often referred to in the media as “Nazarbayev’s banker.”
Source: Baz Ratner (Reuters)
- Media: Rakishev has full ownership of Sedmoy Kanal, a national TV Channel in Kazakhstan.
- Mining and Metals: He acquired a 22% stake in the London-listed gold miner Petropavlovsk PLC from Viktor Vekselberg and sold it a year later to Roman Trotsenko after turning around the company’s performance.
Kenes Rakishev & Legion of Honour
It was December 30, 2013, and the oligarch received a curious email, to say the least: “Financial: 200,000 euros, half to start the operation, the other half upon receipt of the official letter. Duration of the operation: 3 months from the date of the first payment.” To which Rakishev replies: “It suits me fine.” This time the multimillionaire does not want to invest money in some obscure joint venture with one of our industrial flagships. He doesn’t want a commission, he wants something more selfish: jewelry. A French businessman named Fabien Baussart offered to find him a domestic Legion of Honor. Contacted by Le Média, Baussart quickly cut our questions short, promising that we would get a call from a London law firm and threatening to sue in the UK. It must be said that this businessman has a sulphurous reputation. In 2006, he founded a little-known think tank, the Center for Political and Foreign Policy (CPFP). Over the years, this think tank has become famous for its proposals, which, to put it mildly, are destructive: Baussart nominated Vladimir Putin for the Nobel Peace Prize in 2016; he awarded the prize to Ramzan Kadyrov for “fighting terrorism”; he was behind a plan to bring peace to Syria… backed by the Kremlin and the great Kazakh democrat Nazarbayev. Fabien Baussart is well known in Moscow, where he is received by Foreign Minister Sergei Lavrov, but also on the other side of the Atlantic. In 2016, at the height of the race for the White House, he brought Donald Trump’s son to Paris, confirming the theory that Putin’s networks supported Trump’s campaign.
Fabien Baussart is a frequent guest at the oligarchs of the former Soviet Union. Not only does he engage in parallel diplomacy in the service of the Kremlin, but he also likes to do small favors for the big boys. Small favors for which, apparently, he does not have to pay. For example, Kenes Rakishev will pay the first installment of the 200,000 euros agreed upon for Baussart to receive the French Legion of Honor. On January 7, 2014, a transfer of €100,000 was issued to Atargatis International Holding Ltd, a company registered in the Seychelles, allegedly owned by Baussart. However, not even a month has passed, Kenes Rakishev is already losing patience. He wants to receive his Legion of Honor without delay. A close Russian-speaking friend of Fabien Baussart, who acts as an intermediary and sometimes interpreter, complained to the oligarch in an email dated January 24: “I’m sorry, but your assistant is behaving strangely. He is harassing Fabien, demanding immediate results. This is unacceptable.” Finally, after six months of waiting, on July 17, 2014, Fabien Baussart was able to write to Kenes Rakishev: “Yesterday I received your jewelry.” The letter is accompanied by a rather blurry photo of what appears to be the Legion of Honor medal still in its box. “As far as we know, Mr. Rakishev has never received the Legion of Honor,” Fabien Baussart initially denied, and then, when we asked his lawyers about his exchange with Kenes Rakishev, referred us back to him. At the Grand Chancellery of the Legion of Honor, where we approached to find out if the insignia was indeed authentic, we were told no: “Since information about the awarding of foreigners with the Legion of Honor is not published in the Official Journal of the French Republic, we cannot confirm or deny the fact of awarding Mr. Rakishev”.
Whether true or not, Rakishev’s awarding of the Legion of Honor opened other doors for Fabien Baussart. In the summer of 2014, he was contracted to lobby for Kazakhstan’s BTA bank, whose new chairman of the board was none other than… Kenes Rakishev. Fabien Baussart fulfills his part of the contract, at least at first glance. He informs the oligarch that he will organize meetings with the then Minister of Economy Arnaud Montebourg and his chief of staff, Boris Vallot (according to Le Média, neither remembers meeting Bossard). The businessman also boasts that he received “support and a green light” from Jean-Pierre Joyeux, then secretary-general of the Elysee Palace.
If Bausart’s lobbying can sometimes seem imaginary, his remuneration by Kenes Rakishev is quite real. Thus, €380,000 was transferred to the account of the Seychelles-based company Fridhem Ltd. In an email sent to the oligarch on July 25, 2014, Fabien Baussart justified this tidy sum: “I need to pay certain people. Not a bad program.
Rakishev’s love for the young girls
For a long time the controversy surrounding the personal habits of Kazakh businessman Kenes Rakishev has not subsided. Recently Kazaword published an extensive collection of the businessman’s correspondence, which includes not only business messages, but also deals with his personal affairs. Rakishev’s correspondence with Peter Listerman deserves special attention.
Listerman promptly succeeded in having video clips featuring presentations of girls intended for Rakishev removed from the internet. The explanation provided was that these videos originated from a personal archive and were not meant for public display. This move is not surprising, considering the explicit nature of the content, where girls disclose their age, adding an intriguing dimension to the situation.
Rakishev has maintained public silence on the matter. However, his legal representatives have been found to be actively litigating in various regional courts in the Russian Federation to exclude content related to the “Kenes boys”. They claim that the allegations of underage girls’ correspondence with Rakishev are completely fabricated and insist that they are “fake” correspondence. They present Rakishev as a decent family man who did not correspond with minors.
One could believe this defense. However, there is a transcript of Rakishev’s interrogation in a U.S. court in the BTA Bank lawsuit against former bank owner Mukhtar Ablyazov, Viktor Khrapunov and Ilyas Khrapunov. Rakishev testified under oath, knowing that any lie could result in jail time. Despite his initial reluctance, Rakishev eventually admitted to the security breach of his personal email account, covering the period from 2004 to 2014. The reluctance is most likely due to the fact that by doing so, Rakishev inadvertently authenticated his correspondence with Peter Listerman, which had previously surfaced online.
Now an important question arises: how does Russian law treat the issue of engaging in sexual relations with persons under the age of 18?
This becomes particularly relevant given the timing and circumstances surrounding the Kenes Rakishev case. The unfolding events will determine whether time will bring consequences for Kenes Rakishev.
An examination of the correspondence shows that the collaboration began in 2007 when Peter Listerman’s assistant sent Rakishev photographs of two people, specifying that one was for Kenes himself and the other was for a man described as “senior.” This reference could potentially point to Timur Kulibayev, Nazarbayev’s son-in-law, with whom Rakishev maintains a close relationship. 18-year-olds Dasha Konovalova and Alina Garayeva were mentioned in this exchange.
In 2012, the situation takes an intriguing turn. On July 11, Listerman sends Rakishev a letter about “Yelena S.,” which is accompanied by a video recording featuring only 15-year-old Yelena Selezneva. In the recording, the girl is engaged in various activities and her age is clearly audible. Surprisingly, Rakishev does not seem the least bit concerned about the age of the minor and immediately responds enthusiastically to Listerman, stating, “Super! How much?”. Instead of a direct answer, the oligarch gets another video, this time with 21-year-old Matilda Romanova and 17-year-old Alina Marasik – so that makes two underage girls. Despite their underage status, Rakishev casually refers to them as “supervariants.”
Subsequently, in July 2013, Listerman writes again, this time sending a video of a particular model claiming to work in films under the name Avatar, a James Cameron-affiliated name. Rakishev responds quickly, without much thought: “Give her to Kazakhstan!”. Following this, Listerman sends another video of a dancing girl asking for 100,000 dollars for a three-day engagement.
The subsequent exchange ends with Rakishev’s letter, which says: “Let’s correspond after Ramadan, after August 8!”. It is noteworthy that Kenes Rakishev, being a Muslim, refrains from actions that are considered sinful during the holy month. Even pictures from his pilgrimage to Mecca during the Hajj were published in the press. Listerman, however, not sharing the oligarch’s religious beliefs, notes that “such opportunities come once a year.”
Rakishev agrees and urges Listerman to send the girl to Kazakhstan “this week”. Listerman continues to send letters with photos of the girls, whom he refers to as “translators,” through 2014. Apparently, the seller and the client established an additional channel of communication, exchanging photos and videos exclusively through the mail.
Now “Ruсriminal” has published a printout of Rakishev’s testimony in a U.S. court about the alleged “fake” correspondence.
Kenes Rakishev and the shooting at the ELEMENTS restaurant on Rochdelskaya Street in Moscow
It has become known to the Russian media that the Kazakh businessman and venture investor Kenes Rakishev together with the Russian billionaire Iskander Makhmudov are directly related to the armed conflict with a shooting at the Elements restaurant on Rodchelskaya Street on December 14, 2015.
It was Kenes Rakishev who allocated money for the opening of the restaurant “Elements”, owned by Zhanna Kim, and it was to him she turned for help on December 14, 2015, when the negotiators of designer Fatima Misikova, who were close to Shakro Molodoy, came to her for extortion of debts.
The situation escalated, leading to Budantsev firing a Beretta 92 FS pistol, resulting in two deaths and three injuries.
In December 2017, lawyer Eduard Budantsev underwent re-interrogation in the Presnensky District Court due to numerous discrepancies in his testimony. Judge Tatyana Vasyuchenko agreed to the re-interrogation to address these inconsistencies. During the hearing, the court meticulously compared Budantsev’s statements with audio and video recordings of the incident and details of phone calls. For instance, Budantsev initially claimed he went to the Elements restaurant after a call from Zhanna Kim seeking help in negotiating with unknown individuals demanding repayment of a debt.
However, it was revealed in court that such a call was not recorded, and Kim’s conversation was not present in the audio recording. Instead, Kim recorded the meeting on a tape recorder an hour before the shooting.
When Budantsev’s deception became apparent, he asserted that everything merely seemed that way to him. He also claimed that Kim had informed him that the extortionists’ demanded amount had increased. It gives the impression that Judge Vasyuchenko sought to handle the case in accordance with the law and was intent on uncovering the truth. Perhaps this is why, instead of being appointed as the chairman of the Kuntsevsky court, a position she was preparing for, she was dismissed.
Kenes Rakishev, a patron, fellow countryman and the same age as Zhanna Kim (they are 37 years old each), first sent lawyer Eduard Budantsev and his associates to the restaurant, who participated in the shootout on Kim’s side, and later, after the shootout and the arrest of Budantsev and Shakro Molodogo, helped to resolve the conflict. Thus, he allocated money for the reconciliation of the parties, including to the families of the guards of Andrei Koichukov (Italian), who died in the shootout, who were close associates of the criminal mastermind Shakro Molodogo.
Apparently, Kenes Rakishev is connected with Zhanna Kim and finances her. His name was repeatedly mentioned during negotiations in the restaurant, Budantsev and his assistants are called “Kenes’ people”, Zhanna Kim herself after Budantsev’s arrival says that “Now my chief’s fighters are coming”, referring to Kenes Rakishev’s people.