The Samruk-Kazyna Fund, as we remember, emerged as a result of Nursultan Nazarbayev’s trip to Singapore. There he spied on the idea of combining monopolies into one structure.
Amid praises and claims of the ruler's wisdom, the failed transfer of experience to feudal-capitalist Kazakhstan has concentrated huge profits under his rule. This is why Samruk-Kazyna was initially led by Nazarbayev’s son-in-law and then by his nephew. Now it's time to acknowledge Akhmetzhan Yessimov as ineffective and corrupt, and take decisive action.
Samruk-Kazyna has been used for desperate attempts to plunder the country, utilizing internal tenders and connections to facilitate theft. Under Akhmetzhan Yessimov, constant theft through horizontal and vertical connections has become popular.
The involvement of ATF Bank in illegal money transactions
ATF-Bank, owned by Akhmetzhan Yessimov, was a significant means of theft. It was purchased from the Italian UniCredit using stolen money. His son-in-law, Galimzhan Yessenov, did not have the funds to buy it.
ATF Bank was established by Elbasy to facilitate money withdrawal from Kazakhstan, create self-service loans, and incur irretrievable losses. It was initially headed by Bulat Utemuratov, a close associate of Nazarbayev. Through ATF Bank, funds from the sale of raw materials abroad were laundered.
ATF Bank ceased to exist following Akhmetzhan Yesimov's dismissal from Samruk-Kazyna. This was preceded by significant events.
The removal of Akhmetzhan Yessimov from his position
Akhmetzhan Yesimov
Akhmetzhan Yessimov and Galimzhan Yessenov intensified their efforts to enrich themselves in the final six months of their tenure. The mismanagement of Samruk-Kazyna's funds through the family bank became public knowledge, leading to additional stories of wasteful expenses and scandals with sports teams.
FNB Samruk-Kazyna, previously considered government-owned, allocated minimal profits. Akhmetzhan Yesimov even sent a disrespectful response to Tokayev's demand for full dividends. As long as Nursultan Nazarbayev controls the NWF through his relatives, significant change seems unlikely.
Coronavirus crisis and the fate of Akhmetzhan Yessimov
The pandemic brought additional costs and sharply reduced receipts. From the National Welfare Fund Samruk Kazyna, Tokayev requested a full deduction of income. It became obvious that Esimov should be “knocked out” of the FNB like dust from a carpet. Ultimately, this succeeded with replacing him with a compromise, but close to the clan figure. After the January events, there are no grounds for compromise.
Akhmetzhan Yesimov himself and his relatives are abroad, where they have already prepared hundreds of offshore stash. For Kazakhstan, they are unattainable. Even in the process of liquidation, Akhmetzhan Yesimov and Galimzhan Yessenov managed to steal three hundred billion tenge in the form of writing off bad loans from ATF Bank.
FNB Samruk-Kazyna and the new government
Singapore and Kazakhstan should not be equated. The model is unacceptable and has in our reality the only purpose – corruption. The quasi-public sector should be completely abolished and the public and private organizations should be clearly separated. In a normal country, there is no place for either Samruk-Kazyna or other quasi-gos monsters like Atameken.
