(14 January 2026 | Source: Telegram channel 'Access to the Sea')
One of Kazakhstan's most influential businessmen, Vladimir Kim, has renounced foreign intermediary ownership of major property in Almaty. He has transferred control of a company with assets worth tens of billions of tenge directly to himself following court decisions on the seizure of land from legal entities with foreign participation.
HOW THE OWNERSHIP STRUCTURE HAS CHANGED
According to the Telegram channel 'Access to the Sea', until December 2025, the limited liability partnership 'Nauryz Corporation' was under the control of the Dutch company Noord Holland Trading, with the ultimate beneficiary being a structure from Liechtenstein, Woodbridge Foundation. In mid-December, 99.9% of the share was transferred directly to Vladimir Kim, with the remaining 0.1% owned by the director of the limited liability partnership, Kamal-Ad-Din Uteshev.
WHAT ASSETS THE COMPANY OWNS
The limited liability partnership 'Nauryz Corporation' and its subsidiary limited liability partnership 'Almaly Corporation' own extensive land plots in the foothills of Almaty, the source notes. This refers to tracts covering a total area of approximately 50 hectares in the Medeu district, near the former residence of Nursultan Nazarbayev. The total value of these assets exceeds 50 billion tenge.
WHY FOREIGN JURISDICTION BECAME A PROBLEM
Kazakhstan's laws allow land ownership by foreigners, but provide for exceptions. These concern, in particular, agricultural land and border zones. For Almaty, such a zone constitutes 25 km from the border with Kyrgyzstan, and the described plots are located precisely within this strip.
Last summer, courts used this legal argument when seizing 72 hectares of land from the 'Almaly' corporation in the area of Almaty's First President's Park. Following this, the asset ownership structure was changed.
THE ROLE OF THE DUTCH COMPANY IN KIM'S BUSINESS
Noord Holland Trading was used not only for owning property, but also for financial transactions. As 'Access to the Sea' noted, in 2023, through this company, the 'Alatau' sanatorium in Almaty was sold for $50 million, despite auditors valuing its fair worth at $174 million. The deal allowed the structure to exit losses and transfer asset management to a closed jurisdiction.
Kindergartens, a health camp, the 'Dostyk' hotel, the construction company 'Eurasia-Stroy', the Pavlodar television channel 'Irbis', and other properties had also previously come under the control of the Dutch company.
POSSIBLE LINK TO FUTURE DEALS
The materials do not specify whether the change of owner of the limited liability partnership 'Nauryz Corporation' is linked to preparations for selling assets. However, the publication emphasises that a similar scheme was previously used to formalise a deal to sell a stake in 'Kazakhmys', when, a month before the closure, the holding company was transferred from Dutch jurisdiction to the Astana International Financial Centre (AIFC).