Bankruptcy of ATFBank into the pockets of Yesymov-Yesenov: what will "Samruk Kazyna" say?

Bankruptcy of ATFBank into the pockets of Yesymov-Yesenov: what will "Samruk Kazyna" say?

At least $300 million was mastered by the family of Halimzhan Yesenov and Akhmetzhan Yesymov over the past 5 years. These are the data from journalistic investigations conducted after a series of scandals around ATF Bank and «Samruk Kazyna».

De facto, the "dead" ATF Bank of Halimzhan Yesenov and his father-in-law Akhmetzhan Yesymov may become a point of no return for all involved parties. Throughout the year, the head of «Samruk Kazyna» Akhmetzhan Yesymov and his son-in-law Halimzhan Yesenov have been trying by all means to hush up the scandals surrounding the 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 all participants in the process down.

It is precisely because of the clear understanding that sooner or later Halimzhan Yesenov will face several criminal cases that Yesymov insisted on a fake divorce of his daughter and the nominal owner of ATF Bank.

Yesymov’s special affection, the head of «Samruk Kazyna», for ATF Bank became the subject of a journalistic investigation in the Western press. The article “Ethical issues have arisen in Kazakhstan’s Samruk-Kazyna fund” is not very interesting in itself, as it does not bring anything new. But some excerpts from it deserve attention:

«Akhmetzhan Yesymov has been criticized by Kazakhstan’s State Accounts Committee. The Accounts Committee stated that the huge state fund lacks transparency, and its real yield has been declining.

So, what worries the Accounts Committee and what challenges does Halimzhan Yesenov face?

— 144 billion tenge ($350 million) of «Samruk»’s cash deposits in ATF Bank. The bank is run by Yesymov’s son-in-law, Halimzhan Yesenov. However, «Samruk»’s rules require cash to be placed only in institutions with an “A” credit rating. ATF’s rating is “B-”. Analysts consider it undesirable.

— «Samruk»’s subsidiary, «KazMunayGas», holds another 80 billion tenge ($190 million) in deposits in ATF, also in violation of credit rating requirements.

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

…Yesymov was under pressure from the Kazakh government to increase dividends paid by «Samruk». After a thorough check of «Samruk»’s low profitability and illegal deposits in ATF Bank, Yesymov was forced to increase dividend payouts to 120 billion tenge in July, which is 10 times more than in 2017.

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

Author: Dmytro Dykyi