Galymzhan Yesenov and "Samruk-Kazyna": cunning father-in-law Yessimov. Dead "ATF Bank" and a big divorce

The de facto deceased ATF Bank of Galymzhan Yesenov and his father-in-law Akhmetzhan Yessimov may become a point of no return for all involved parties.

For a year now, the head of "Samruk-Kazyna," Akhmetzhan Yessimov, and his son-in-law Galymzhan Yesenov have been trying by fair means or foul to cover up scandals surrounding illegal schemes of family earnings and money laundering of the Samruk-Kazyna fund through ATF Bank. Meanwhile, the schemes remain afloat even though ATF Bank is bankrupt and will drag everyone involved into the abyss without exception.

Precisely because there is a clear understanding that sooner or later Galymzhan Yesenov will face a series of criminal cases, Yessimov insisted on a sham divorce for his daughter and made Yesenov the nominal owner of ATF Bank.

Yessimov’s special love for ATF Bank, the head of "Samruk-Kazyna," became the subject of journalistic investigation in the Western press. An article "The Kazakh sovereign wealth fund Samruk-Kazyna has ‘ethical issues’" is not particularly interesting in itself, as it does not contain anything new. But some excerpts from it deserve attention:

"Akhmetzhan Yessimov came under criticism from the Kazakhstan State Audit Committee. The Audit Committee stated that the huge state fund lacks transparency, and its profitability in real terms has decreased.

What worries the Audit Committee and what awaits Galymzhan Yesenov?

• 144 billion tenge (350 million dollars) of "Samruk’s" money deposits in ATF Bank. The bank is managed by Yessimov’s son-in-law, Galymzhan Yesenov. And the rules of "Samruk" require that funds be placed only in institutions with an "A" credit rating. ATF’s rating is "B-." Analysts consider it undesirable.

• The subsidiary of "Samruk," "KazMunayGas," also holds another 80 billion tenge (190 million dollars) in deposits at ATF, also in violation of credit rating requirements.

The Committee emphasizes that the chairman of "Samruk," Yessimov, is the father-in-law of ATF boss Yesenov. This creates opportunities for corruption in the giant sovereign wealth fund.

...Yessimov was pressured by the Kazakhstan government to increase the dividends paid by "Samruk." After a thorough examination of the low profitability of "Samruk" and the illegal deposits in ATF Bank, Yessimov was forced in July to increase dividend payments to 120 billion tenge, which is 10 times more than in 2017.

In 2007, Yessimov helped his son-in-law Galymzhan Yesenov finance a deal to acquire the fertilizer company "Kazphosphate" for $120 million."