Kairat Satybaldy, nephew of former Kazakh President Nursultan Nazarbayev, has returned assets valued at $1.6bn to the state over the past two years. This recovery follows an investigation by Kazakhstan’s Anti-corruption Agency, which confirmed the illegal acquisition of these assets. The returned assets comprise a mix of properties, luxury items, shares, and cash.

The assets returned by Satybaldy include a broad range of properties and valuables. Among the most significant recoveries are administrative buildings, high-end jewellery, luxury homes, apartments, and a variety of vehicles. A portion of the assets includes stakes in companies and railway infrastructure. Notably, $661.5mn in cash was repatriated from foreign accounts in countries such as Austria, Liechtenstein, the UAE, and Turkey. Within Kazakhstan, 115 properties with a total value exceeding KZT 158bn (approximately $330mn) were also transferred to state ownership. These properties include 13 houses, 10 buildings, 13 plots of land, four apartments, and other real estate assets, along with a range of vehicles including special vehicles and quad bikes.

The assets, many of which were previously registered under the names of Satybaldy’s relatives and associated companies, were previously leased and generated significant annual income. This income will now be directed to the state.

Satybaldy is a prominent figure in Kazakhstan, being the son of Satybaldy Nazarbayev, who was a sibling of Kazakhstan’s first president and died in a car accident. Adopting his father’s name, Kairat Satybaldy accumulated substantial wealth, partly through ownership of nearly a quarter of the Kazakh telecommunications market via Skyline Investment Company S.A. His career has spanned various roles, including service in the National Security Committee, and he has been actively involved in both politics and business. His financial success positioned him as one of Kazakhstan’s wealthiest individuals.

Satybaldy’s legal troubles began on March 13, 2022, when he was detained by Kazakhstan’s Anti-corruption Agency on charges related to the abuse of power and large-scale embezzlement from Kazakhtelecom. Following his arrest, the offices of Kazakhtelecom in the capital were searched, and a 28.8% stake in the company, previously under Satybaldy’s control, was returned to the state.

On September 26, 2022, Satybaldy was sentenced to six years in prison after being found guilty of embezzlement in connection with Kazakhtelecom and Transport Service Centre. He also faced additional investigations for money laundering and customs duty evasion. During the trial, Satybaldy admitted to the charges and committed to reimbursing the state for the damages caused.

Currently, Satybaldy is serving his sentence in a medium-security correctional facility. In December, he sought parole, but the court rejected his application, citing concerns about his conduct during his incarceration, stating that his behaviour was not exemplary.