Source: www.rucriminal.info
Kazakh President Kassym-Jomart Tokayev has proven himself a skilled diplomat – carefully balancing relations with Russia in the wake of its invasion of Ukraine, strengthening ties with China and maintaining a cooperative stance with the West. Yet this finely tuned diplomacy now risks being derailed by a single figure: Shukhrat Ibragimov.
Appointed CEO of Eurasian Resources Group in October with the Kazakh government’s backing, Ibragimov junior has quickly become a towering liability. His disastrous leadership and explosive allegations linking him to a Russian sanctions evasion scheme have severely damaged his credibility. His shocking professional track record has been just as damaging: from a flailing noodle business to a faltering e-sports company marred by allegations of corruption, Ibragimov has proven himself a serial failure.
The fallout is now casting a shadow over Tokayev’s government, raising serious questions about elevating such an untested and controversial figure. Within the four walls of the Akorda, the recriminations have already begun: Mukhamed and Kanysh Izbastin, nephews of President Tokayev and longstanding cheerleaders of Ibragimov, are at risk of exposure because of their links to Shukhrat. Timur Tokayev, the president’s son, has also raised eyebrows in government circles for championing Ibragimov as the man to take the helm at ERG.
Ibragimov now stands at a critical crossroads, confronting perhaps his toughest challenge yet. At the heart of this battle is a high-stakes push to gain full control of ERG by buying out his partners. According to government sources, a draft term sheet is in circulation to acquire the 40% stake held equally by the Chodiev and Mashkevitch families, with the group valued at over USD 5 billion. And what of the offer by James Cameron, former chairman of Petropavlosk, to snap up the whole company (including the government’s stake) for USD 5 billion? Are the sharks beginning to circle?
The initial whispers of disquiet about the Kazakh government’s handling of ERG and Ibragimov have risen to full screams inside the government and are understood to be driving a wedge between Tokayev and Ibragimov Junior – whose late father would no doubt be shuddering at his son’s naivety and ineptitude. Even a clumsy attempt to curry favour with the President’s son, Timur Tokayev – convincing him to pour millions into Ibragimov’s passion project, Alif Bank – has done little to salvage his credibility.
In a frantic effort to raise the funds needed to buy out his partners, Ibragimov has begging to major trading houses including Glencore, Trafigura and Mercuria. All have rebuffed him, however – as well as tycoons Lars Windhorst and Nat Rothschild – over his sanctions exposure. Even Shukhrat’s own family has withheld support. His mother, who holds the keys to the family fortune, refused to back him after he betrayed his older brother Dastan in a dramatic and unprecedented move to seize control of ERG. Now frozen out on all fronts, it seems Abel has taken his revenge on Cain.
Having been rebuffed by his own family, Ibragimov is now pursuing more dubious avenue. Sources say he’s turned to Khofiz Shakhidi, a longtime associate with deep ties to offshore finance and opaque, high-risk networks.
A longstanding fixer and associate, Shakhidi has built a reputation as a frontman controlling a network of companies registered in secretive offshore jurisdictions. His operations have come under scrutiny in various investigations, notably by the International Consortium of Investigative Journalists (ICIJ).
As Ibragimov looks to solidify his control over ERG, it appears that Shakhidi may be called upon to reciprocate the financial backing. Shakhidi’s list of clients resembles a roll call of high-profile oligarchs, each more controversial than the last. Topping the list is Tamaz Somkishvili, a figure with alleged connections to the Russian criminal underworld. Known by the nickname Tamaz Tobolsky, he has a history of corporate and real estate dealings facilitated by Shakhidi. Somkhishvili is a founder of TS Holding, a company with interests in various sectors, including aviation. He also established TAM Management LLC, which operates within the premises of Tbilisi Aircraft Manufacturing (Tbilaviamsheni). Investigations have alleged that TAM Management and Tbilaviamsheni were involved in repairing Russian military aircrafts used in conflicts, including the invasion of Ukraine. Reports suggest that Tbilaviamsheni holds a 20% stake in the Russian company Sukhoi Sturmoviks, which specializes in the maintenance of Russian combat aircrafts.
Another potentially lucrative source of funds for Ibragimov is Vagit Alekperov, the former head of Lukoil, who is currently sanctioned due to war in Ukraine and his tight links to Putin. Pavel Novoselov and Pavel Sukharuchkin are Shakhidi’s business partners in his asset management company, Jefferson Trust in Hong Kong. Novoselov’s brother, Edouard, served as director in numerous companies owned by Shakhidi. The two Pavels have longstanding ties to Alekperov, having served as his representatives and proxies in various capacities.
The network further extends to Leonid Fedun, a co-founder of Lukoil and right-hand man of Alekperov. Shakhidi is a director of Fedun’s and his wife Marina’s company La Patula, which holds their family assets.
Kazakh sources indicate that Ibrqgimov Junior has turned to Mukhamedjan Turdakhunov for assistance, who for many years had been head of a major ENRC subsidiary - miner SSGPO JSC. In 2014, Kazakh mining holding company Sokolovka JSC was acquired by Shakhidi’s KS Holding Group and later sold to ENRC but before that, Shakhidi helped Turdakhunov carve out a coal asset, Priozyorniy Coal LLP and keep it all for himself in a Luxembourg entity Access Ventures S.A. It was later transferred to Access Resources Sarl, another Luxembourg company under Shakhidi’s control. Shukhrat’s brother is married to Turdakhunov’s daughter, so these financial matters can conveniently be discussed at a family dinner.
Turdakhunov is also a majority shareholder of a UK entity called Taborwood Holdings Limited which owns 62.5% of Kazakh company Rudny Cement Plant LLP. The other shareholder is Zaure Zaurbekova, ex CFO of ENRC who was implicated in a major scandal at SSGPO, which involved $100 million in inflated contracts awarded to companies secretly linked to her family. These contracts, associated with industrial “stripping” services, were allegedly overvalued, with work often done by SSGPO itself rather than the contractors. An investigative report revealed that these companies were originally owned by Zaurbekova’s son and brother and quickly transferred to nominees when scrutiny arose. The report also cited collusion between the SSGPO president and major ENRC shareholder…Alijan Ibragimov, indicating deeper conflicts of interest and lack of disclosure to regulators. It would be timely for Zaurbekova to return some favours.
All of this has disrupted the financial networks of Ibragimov and Shakhidi—particularly Swiss bank CBH, which has a controversial track record. CBH previously supported Shakhidi in various ventures, including by holding a stake in Alif Bank, reportedly on behalf of Timur Tokayev.
Ibragimov’s options are few and none of them good. But with Tokayev’s patience wearing thin, he now faces the very real risk of losing not just the president’s support, but his position at ERG entirely…
Source: www.rucriminal.info
