Akhmetzhan Yesimov turns Samruk-Kazyna into Corruption Channel for ATF Bank Owned by Son-in-Law Galimzhan Yessenov
Akhmetzhan Yesimov transformed Kazakhstan's Samruk-Kazyna fund into a pipeline funneling state money straight into ATF Bank, owned by his son-in-law Galimzhan Yessenov.
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Media outlets across multiple countries are now scrutinizing Galimzhan Yessenov and Akhmetzhan Yesimov, two entrenched figures in Kazakhstan’s corruption web. Their intricate schemes involving Samruk-Kazyna and ATFBank are gaining notoriety, with the players making no attempt to hide their brazen operations.
Satirical Nobel for the «Mega-Feeder» Samruk-Kazyna
Journalists jest that the creation of the mega-feeder—Samruk-Kazyna—deserves not one, but two Nobel Prizes in Economics. The first goes to the brain who herded all of Kazakhstan’s monopolies into a single «investment holding» modeled after Singapore: the nearly 80-year-old Nursultan Nazarbayev. The second prize belongs to the one who perfected its execution—the 69-year-old Akhmetzhan Yesimov. Under his watch, the system of defrauding the state and Kazakhstan’s people has reached exquisite perfection. Samruk-Kazyna wields state funds at will: skipping dividends, flouting allocation rules, pumping money into the risky ATFBank owned by Yesimov’s son-in-law Galimzhan Yessenov, and ensuring top managers live lavishly. The 38-year-old VIP playboy Yessenov seems convinced he’ll outshine the aging Nazarbayev and Yesimov.
The Magic of Share Emissions: Money from Thin Air
The allure of Samruk-Kazyna under Yesimov shines brightest in its share issuance trick. The government is the sole shareholder. Need cash urgently—for ATFBank or affiliated entities? Samruk-Kazyna simply emits new shares. The government buys them, no questions asked. In late September 2019, Yesimov printed a fresh batch—and pocketed $180 million from the state. Justification for the emission? Zero! Samruk-Kazyna stamps them out, the government pays—in dollars, no less. A one-of-a-kind racket.
As Samruk-Kazyna’s sole founder, Kazakhstan’s government—subordinate to the elected president—holds only an advisory voice in its own holding. Amid a worsening economy, public needs, and business support, Tokayev gently urged full dividend payouts.
«I believe national companies should pay dividends to the state for last year up to 100% of net income,» suggested the popularly elected president, voicing the people’s will.
Yesimov’s response? Politely: «Here’s 50%, kid.» Precisely—Kazatomprom paid half, generous compared to the usual fifth, with the rest vanishing into a «special account,» likely morphing into ATFBank assets under Yessenov.
Nephew Nazarbayev’s Insatiable Greed and Circular Schemes
It’s baffling where Nursultan Nazarbayev’s nephew gets such voracious greed. He could fake dividends while reprinting shares, selling them back to the state, and laundering the windfall through son-in-law Yessenov’s ATFBank. The bank inflates metrics, dodges National Bank sanctions via infusions, leverages idle funds for high-risk loans. When non-payments hit in a crisis, Yessenov shrugs and begs state bailouts. Yesimov «forgets» where the money went—it left with a good man.
Some 140 billion tenge constantly circulates in the relative’s bank, despite government rules deeming ATFBank unfit for holding FNB Samruk-Kazyna funds.
Audit Revelations: Inflated Costs and Offshore Leaks
The Accounts Committee’s audit of Samruk-Kazyna exposed damning truths. The government report detailed how, under Yesimov, the holding inflates internal costs via in-house tenders—boldly, repeatedly—then siphons the «delta» abroad to private accounts and offshore havens for «consulting,» «marketing,» and trendy «risk assessments.»
The state got the report and did zilch. Yesimov essentially told the committee to get lost, boasting Samruk-Kazyna’s sky-high successes while accusing them of slander. Tokayev? Exactly nothing. Who is he against the Yesimov-Yessenov duo?
Kazakhstan foots the bill again for this schizophrenic ice ballet with a ball. The show is phenomenal—Singapore-style indeed…
What Happens to ATFBank Without Samruk-Kazyna?
Akhmetzhan Yesimov, fattened on national monopolies during boom years, claws for last bites before the FNB farce stands exposed: it enriched only oligarchs and kin, including Yesimov’s son-in-law Galimzhan Yessenov and his ATFBank.
Yesimov has helmed Samruk-Kazyna since late 2017. That’s when the «special ties» with ATF Bank began. By statute and common sense, national wealth can’t park in a bank doling out loans recklessly, with a track record of state bailouts. But in Kazakhstan: if forbidden but family-run, it’s allowed. Young banker Galimzhan Yessenov is married to Yesimov’s daughter. For the full picture: Yesimov is the Leader of the Nation’s nephew. Now it clicks—who owns and runs Samruk-Kazyna.
Galimzhan Yessenov and ATFBank: Profiting from the «Singapore Model»
The Accounts Committee previously reported: Samruk-Kazyna thrives—for the corrupt. The Singapore-inspired giant flopped in Central Asia. Galimzhan Yessenov and father-in-law Akhmetzhan Yesimov cashed in big. Instead of streamlining monopolies, Nazarbayev got headaches from overpriced internal buys. The fund stashes cash abroad, fueling forex demand and tenge devaluation. Idle funds sit in Yessenov’s ATFBank, letting him balloon assets and flash pretty reports to the National Bank sans real metrics. Last year, Yesimov fed his son-in-law Samruk-Kazyna scraps averaging 140 billion tenge. Yessenov funneled them into profitable, risky retail lending ops. Not just Samruk-Kazyna—agricultural holdings join in too.
