The eldest son of the late Bolat Nazarbayev has found himself at the centre of a property scandal: a notice of bankruptcy proceedings against Nurbol Nazarbayev has appeared in public registers. It is reported that he has been listed as a debtor since 15 September, with total liabilities amounting to 57.9 billion tenge. Seizures have been imposed on his accounts and property, and encumbrances placed on his shares in companies. He has also been banned from leaving the country.
According to the Telegram channel ‘Shishkin_like’, if Nurbol Nazarbayev is declared bankrupt, he will be unable to take out loans or register as an individual entrepreneur for five years. For three years, he will be obliged to notify state bodies of large transactions and income. All property, with the exception of his sole residence and essential items, may be sold to settle debts.
Earlier, Majilis deputy Rinat Zaiyt reported in a request to the Prosecutor General that the court had seized assets from Nurbol Nazarbayev. The Majilis member demanded a full inventory of Nazarbayev’s companies and property in order to return illegally acquired assets to state ownership.
It has emerged that Nurbol Nazarbayev controls a number of companies grouped around ‘Prime Cap’ LLP (‘Prime Capital Holding’). The partnership is officially in the process of liquidation, and its tax contributions over the last two years have been zero.
Through this structure, Nurbol Nazarbayev’s subsidiaries, which dealt in real estate and land assets, are controlled. For instance, ‘Prime Capital Real Estate’ LLP owns three land plots and 22 property units in the Almaty region, including agricultural land and a sports and health sanatorium. Taxes since 2016 amount to 209.4 million tenge.
Another company, ‘Prime Capital Re Plaza’, is engaged in leasing and managing properties in Almaty, including a business centre and a hotel complex. Taxes since 2015 are around 290 million tenge.
Among other companies listed is ‘Bakhar-A’ LLP – a three-storey event hall located in Almalybak village, Karasay district. Taxes since 2015 amount to 44.4 million tenge.
It is noted that other land assets are concentrated in the companies Prime Capital Re Ushkonyr, Re Alakol, Re Talgar and Re Karasay. For example, in Shamalgan village, there is a plot of 2.36 hectares where a wine and vodka factory previously operated, owned by the Nazarbayev family.
In 2022, it was reported that the Nazarbayevs owned at least 9,000 hectares on the Ushkonyr plateau. Among the rights holders of the plot were the ‘subsidiaries’ of ‘Prime Capital Re Karasay’ LLP – the companies Breeding company, QazAgro Centre and Steppe AgroMeat.
This year, it emerged that these lands were transferred to a company managing returned assets. At the same time, ‘QazAgro Centre’ LLP and ‘Steppe AgroMeat’ remain the owners of six land plots for commercial agricultural production and personal subsidiary farming.
Another company belonging to Bolat Nazarbayev’s son – ‘Prime Capital Invest’ LLP – provides financial services. Since 2020, it has paid 5.5 million tenge to the budget.
In the production sector, a significant asset of Nurbol is considered to be the ‘Qaz-Ak-Kus’ poultry farm in the Ili district of the Almaty region. It owns more than 140 hectares of land, but has a tax debt of around 135 million tenge.
Other key enterprises include ‘PLS-TM’ LLP and ‘PLS Investment and Construction Company’ LLP, through which Nurbol Nazarbayev holds a stake in the Almaty Heavy Machinery Plant. The enterprise ended 2024 with a profit of 1.3 billion tenge, and 2023 with a profit of 1.6 billion tenge.
According to the 2024 financial report, the plant’s shares are owned by the State Property and Privatisation Committee (31.9%), ‘PLS-TM’ LLP (54.67%), ‘AZTM’ LLP – the workers’ trade union (3.8%), and individuals (9.63%).
Meanwhile, in June, Nurbol Nazarbayev withdrew as a founder of ‘Prime Capital Plaza BC’ LLP, which manages the BNC Plaza business centre in Almaty. Management of the building transferred to entrepreneur Andrey Izotov, who had been running the company even under its former owner.