A former top manager of Eurasian Resources Group (ERG), Aldiyar Kaztayev, is acquiring luxury property on the Italian island of Sardinia.
According to the Telegram channel “Nege.Aqsha”, citing local media, Kaztayev has purchased the tourist and sports complex “Geovillage” in Olbia for €14 million.
The property had previously undergone a series of bankruptcies and legal disputes. It is expected that it will now become part of a new project for an international premium-level private school, where annual tuition will cost €18,000.
Furthermore, it has been reported that Kaztayev has acquired a thermal spa complex, land holdings, and a luxury villa in Sardinia.
“Thus, brick by brick, the 46-year-old Kazakh financier with Cypriot citizenship has built his small but impressive empire,” the publication notes.
It is reported that, in addition to Italian real estate, Kaztayev owns a yacht called “Piccolino” worth €8 million, which, through offshore companies, is registered under his parents’ firm — Aslan Kaztayev and Galiya Sargaskayeva.
“Creating companies specifically for purchasing and holding assets in offshore jurisdictions is common practice in the business of the Kazakh financier. For instance, when buying a luxury villa on the Costa Smeralda, Kaztayev first established a corresponding company, and then another — or rather, a trust, which deals exclusively with managing this high-value property. Such operations did not go unnoticed by the Italian financial police, nor by local banks, alarmed by large transfers and payments from places like the Cayman Islands or Jersey,” the report states.
Incidentally, Aldiyar Kaztayev is the son-in-law of former Interior Minister Bauyrzhan Mukhamedzhanov. Furthermore, some media outlets have reported a possible family connection between Kaztayev and former NSC Chairman Karim Massimov.