The families of Akhmetzhan Yessimov and Galimzhan Yessenov have allegedly amassed more than $2.5 billion through corruption schemes.

At the same time, Forbes estimates the capital of Yessimov’s long-time proxy, Galimzhan Yessenov, at around $285 million—almost ten times less. The main income of the Yessenov–Yessimov family arrangement allegedly came from Samruk-Kazyna, through the withdrawal of funds via ATF Bank, sports foundations, and various shell subsidiary companies.

However, the construction of such a vast corruption empire based on family ties was not due solely to the notoriously bankrupt ATF Bank. The diversion of hundreds of millions of dollars reportedly began even before Yessimov joined Samruk-Kazyna and long before the emergence of his resourceful relative, Akhmetzhan Smagulovich. In essence, Galimzhan Yessenov merely brought the 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—or for himself. The fictitious divorce he filed for is presented as clear evidence of this, while the dismissal of Akhmetzhan Yessimov is described as the final chord in the story. Open questions remain: where Galimzhan Yessenov might flee and what will happen to the bankrupt ATF Bank.

Even the best things must eventually end. As funds in Samruk-Kazyna inevitably run out, schemes for their criminal transfer abroad are exposed, along with their miraculous materialization in the form of villas owned by those close to Akhmetzhan Yessimov. For this reason, according to the latest reports, a replacement is being prepared for him. It must be admitted—the nephew has overstayed his time. Moreover, by the moment a massive shortfall in the Fund is discovered, he is expected to already be beyond reach.

However, it is unlikely that Akhmetzhan Yessimov will join the ranks of “revolutionaries with honest eyes” preaching morality from France. Initially—and possibly even before political oblivion—Yessimov is predicted to assume the role of a senior figure in the Senate. This position has remained effectively vacant since the resignation of Dariga Nazarbayeva, and the nephew of the Elbasy could serve as a reliable guarantor of clan balance.

Old sins of Akhmetzhan Yessimov

It should be recalled that the nephew of the “Leader of the Nation,” Akhmetzhan Yessimov, after discovering vast corruption opportunities while serving as akim of Almaty, did not pose a threat to the Elbasy, although his clan ties allegedly encouraged particularly brazen behavior that significantly increased protest sentiment among Almaty residents.
In particular, the development he initiated in the Kok-Zhailau tract ultimately resulted in an organized opposition movement. He also launched annual curb-replacement campaigns and the construction of numerous road interchanges, providing long-term contracts for the concrete industry. After that, he encroached again on the protected Kok-Zhailau area by initiating construction of elite cottages there.

Laundering in Singapore: Galimzhan Yessenov’s venture scheme

Notably, a group of venture funds in Singapore—mentioned in a Facebook post by pseudo-opposition figure and Russophobe Mukhtar Taizhan—is said to be directly linked to Galimzhan Yessenov, the son-in-law and “wallet” of Akhmetzhan Yessimov.
At the same time, multimillionaire, raider, and alleged member of the “Four Brothers” organized group Margulan Seisembayev claimed that his partners in Asadel Group were his brother Yerlan and certain “American and Spanish” partners. However, one cited report presents different information, stating that Yessenov is in fact Seisembayev’s main partner, holding a 50% controlling stake, while 47.5% belongs to Seisembayev’s wife Saule Seisembayeva, and 2.5% to Yerik Sultankulov, an affiliate of Seisembayev who heads the egg business Alel Agro, previously chaired Alliance Bank, and was implicated in a case involving the theft of $900 million.

Yessenov’s stake was allegedly concealed through a complex offshore acquisition scheme. The 50% controlling stake was purchased via Fabiano Ltd., registered in the UAE, formally acquired not from Seisembayev as founder of Asadel Group but from the offshore entity Narwal Ltd. in the British Virgin Islands.
Narwal’s interests in the transaction were represented by Timur Zhanabayev, described as a nominee figure who had previously worked with Yessenov at KNG Finance LLP and Kazphosphate LLP.

In short, it is striking that to this day no criminal case has been opened over the alleged embezzlement and subsequent transfer of billions of dollars abroad by the families of Akhmetzhan Yessimov and Galimzhan Yessenov—and it is unlikely to happen anytime soon.