• Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups
 

Talk Finance

£$$€№₮IAL €¢¤₦¤MI¢ №€₩$
  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

Talk Finance

  • Foreign Affairs
  • Money Matters
  • Domestic Affairs
  • IT, Innovation and Startups

In Domestic Affairs

Daniyar Abulgazin and his role in establishing Ingma Holding as a kickback tunnel

1st May 2020 Matthew Patridge

Daniyar Abulgazin and his role in establishing Ingma Holding as a kickback tunnel Pin It
Daniyar Abulgazin

Daniyar Abulgazin, a ‘perfect lieutenant’, according to the Public Eye, of Timur Kulibayev, began his career as a Felix Derzhinsky Higher School of the KGB of the U.S.S.R. student in Moscow. He graduated in 1991. The Soviet Union collapsed the same year which left young Daniyar briefly unemployed. However, his skills and family ties allowed him to progress in finance and corporate areas. His highest point in state hierarchy was Vice-Minister of Finance, but he preferred to keep a distance with the state. He understood that there is much more income and power in corporate semi-state business than in rapidly changing Kazakhstan apparatus.

Timur Kulibayev is a close friend of Daniyar Abulgazin
Timur Kulibayev is a close friend of Daniyar Abulgazin
Timur Kulibayev presumably met Daniyar Abulgazin in state-owned Kazakh Oil corporation in 2002. Since then they are never too far away from each other, as we wrote earlier. Daniyar Abulgazin whose personal assets are valued more than $400m, gave presidential son-in-law Timur Kulibayev loyalty and expertize he required. Those qualities are rare and thus are in high demand in the Kazakhstan’s oligarchy. Dias Suleimenov, brother-in-law of Daniyar Abulgazin quickly joined the ambitious trio.

Unfortunately for the company the correspondence between Daniyar Abulgazin and Dias Suleimenov concerning oil affairs leaked online and became what is known as ‘Kazaworld leaks’. It shines light on the secretive community around Timur Kulibayev and the golden years of oil-related affairs.

Daniyar Abulgazin
Daniyar Abulgazin
Timur Kulibayev was appointed as the nation’s wealth fund head, Daniyar Abulgazin followed him. Abulgazin was the head manager of oil and gas branch, including KazMunayGas – Kazakhstan’s state giant. Together Timur Kulibayev and Daniyar Abulgazin acted in interest of Vitol corporation while maintaining their own corporate positions. They enabled Vitol monopoly over trading of Kazakhstan oil resources for a kickbacks given in sophisticated scheme to avoid tracking and prosecution.

Vitol gained control over the two most important oil fields by providing loan to KazMunayGas. The ‘cash for crude deal’ gave Vitol the privileged access. It’s nothing criminal in it by itself, it is often practised in cash-hungry third-world countries. However the way it was done makes the picture whole. Nearly one billion USD ended up in pockets of Nazarbayev/Kulibayev clan.

Timur Kulibayev, son-in-law of the president Nursulatan Nazarbayev
Kazaworld archives show that the privileged position of Vitol was gained by exploiting politically exposed person. The kickback scheme was based on making a joint venture. It was registered in 2003 by Vitol in Rotterdam. The name of the company is Ingma Holding BV. It was created to ‘invest in Kazakhstan’ but truly Ingma Holding BV serves for an opposite purpose as the documents shown. Daniyar Abulgazin and his group set it up to divest money from Kazakhstan and bribe local state authorities. The small and seemingly unknown company is in fact a hidden world-class oil trader with billions in sales and revenue. During the years 2009-2016 its turnover reached $93.3B. It is 1/5th of the total oil exported from Kazakhstan. Ingma declared the revenue of more than 1 billion USD paid to the shareholders of the private entity without declaring who those shareholders are.

We will describe the scheme in depth in the upcoming articles. Daniyar Abulgazin and his friends made an outstanding job concealing the beneficiary of the Ingma. However they were unprepared to the mail leak that followed.

photo credits atameken.kz

Share

No Comments

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post

The blame game could…

In Domestic Affairs

The blame game could be more disastrous than COVID-19 and oil crisis combined

View Post

Next Post

FTSE 100 falls 2.2 percent…

In Domestic Affairs

FTSE 100 falls 2.2 percent in minutes after trading start

View Post

In Money Matters

Dr. Martens: in times of crisis, iconic brands score

View Post

In Domestic Affairs

Regulator publishes Trend Report on accountancy

View Post

In Domestic Affairs

BOE expects a recession that will last one year or more

View Post

In IT, Innovation and Startups

AI’s can’t claim patents for ‘their’ inventions, US court decided

View Post

Newsletter

Latest News

Facebook.coin

View

For now Meta may rest assured that EU regulation won’t harm the personal data trade

12th August 2022

View

AI’s can’t claim patents for ‘their’ inventions, US court decided

10th August 2022

View

Regulator publishes Trend Report on accountancy

8th August 2022

View

Dr. Martens: in times of crisis, iconic brands score

8th August 2022

In Domestic Affairs

Crisis at P&O Ferries could affect independent UK retailers

View Post

In Domestic Affairs

Authorities seize one of P&O Ferries ships

View Post

The former president of Kazakhstan N. Nazarbayev (L) and Aslan Musin (R)

In Foreign Affairs

Aslan Musin, an elusive kleptocrat from Kazakhstan, provided falsified records to obtain EU citizenship

View Post

In Money Matters

Sainsbury’s sends British jobs to India

View Post

Allow us to introduce ourselves

Talk-Finance.co.uk, the analytic media. We are focused on the fresh business, M&A and financial data. We pay attention to the interesting new projects and startups while not letting the whole picture to let unnoticed.

  • Investing.com

Sign Up for Our Newsletter

Our friendly crew

  • Chris Kimble, the managing Editor
  • Matthew Weller, webmaster&technical stuff
  • Charles Sizemore, author
  • David Stevenson, author
  • Helen Rush, author

Contact us by [email protected]

© 2019-2022 Talk Finance - All Rights Reserved.

[email protected]