Kazakhstani entrepreneur Galimzhan Yessenov, who recently returned to the ranks of the country’s most influential businessmen, is actively expanding his assets and participation in major projects.

This article takes a detailed look at his deals, partnerships, and sources of influence that have been increasingly discussed in business circles lately.

According to available information, the businessman is attempting to scrub the internet of inconvenient mentions of his activities, so we, in turn, are publishing an investigation that, apparently, is particularly troubling for the Kazakh oligarch.

Galimzhan Yessenov returned to the list of the country’s most influential entrepreneurs according to Forbes.kz.

The 41-year-old businessman became the majority owner of Jusan Bank in August, according to the Telegram channel @Shishkin_like. At the same time, the terms of the deal with Jusan Technologies Ltd. were never disclosed to the general public. The story of the Jusan group’s return to Kazakh jurisdiction was previously covered in detail elsewhere.

During the summer, Yessenov also appeared among the owners of two more Kazakh companies — all of them connected to the scandal-plagued entrepreneur and popular coach Margulan Seisembayev.

First, the businessmen now officially jointly own the poultry giant Alel Agro. The company’s latest report shows that both Yessenov and Seisembayev became affiliated persons of the enterprise on August 8 of this year.

Margulan Kalievich, together with his wife, manages their stakes through private companies Seimar Ltd and Agros Ltd. Yessenov, apparently, holds his shares directly, since no other legal entities are listed among the affiliated persons of Alel Agro.

It should be noted that over the past five years — from 2018 to 2022 — the enterprise received state subsidies totaling just over 19 billion tenge.

Second, since July 31 of this year, Yessenov, in his personal capacity, has been one of the owners of the poultry farm Asyl Kus Agro. A stake in the enterprise — from the same date — is also held by Seisembayev through the private company Seimar Ltd. The farm, valued at 2.4 billion tenge, was launched in 2016 after receiving a state loan of 1.3 billion tenge.

Earlier, we подробно covered what else makes up Yessenov’s business empire (part one, part two).

Yessenov and Asadel

In 2015, Seisembayev announced the establishment of his own private equity fund Asadel Partners PEF (registered in the UAE). Reliable information about Yessenov’s ties to the fund has never been publicly disclosed; his presence among investors was mentioned only by anonymous online sources.

In 2016, Asadel Partners PEF reported the acquisition of a 30% stake in Alel Agro.

In March of this year, a fund of the same name (registered in Singapore) exited the list of major shareholders of the company. The fund was removed from the enterprise’s list of affiliated persons only by October 1 — in this updated list, Yessenov, as well as companies owned by Seisembayev and his wife, appeared.

We obtained an extract from the Singapore registry, according to which Asadel Partners PEF currently has six owners: Margulan and Saule Seisembayev, Yerik Sultankulov, Anastasiya Sulger, Narwal Ltd., and Fabiano Ltd.

It was not possible to establish from open sources whether Yessenov is connected to Fabiano Ltd., registered in the UAE. However, Narwal Ltd., registered in the British Virgin Islands, is indeed linked to the businessman according to the Pandora Papers — he was at least its ultimate beneficial owner in the past.

What assets does Asadel have in Kazakhstan?

• the private school network Tamos Education;

• the soybean processing plant Uyiz May Industry (production of soybeans, soybean meal, and soybean oil) — built under the state industrialization program;

• the feed mill Agro Fit Kapshagay;

• the agricultural project Amal Bio (cultivation and sale of apples and vegetables);

• the investment fund Asadel Partners — owns AmalBio LLP and the agricultural cooperative Zhetysu Baktary.