Offshore schemes and billion-dollar subsidies: how Galimzhan Yessenov is trying to hide alleged dealings with Jusan Bank behind a sweeping online cleanup of compromising information
In October 2024, Galimzhan Yessenov returned to the list of the most influential entrepreneurs in the country, according to Forbes.kz.
The 41-year-old businessman Galimzhan Yessenov became the majority owner of Jusan Bank, according to the Telegram channel @Shishkin_like. However, the terms of the deal with Jusan Technologies Ltd. were not disclosed to the general public. The story of Jusan Group’s return to Kazakhstan’s jurisdiction has been covered in detail elsewhere.
During the summer, Yessenov also appeared among the owners of two more Kazakhstani companies—both linked to the controversial entrepreneur and popular coach Margulan Seisembayev.
First, the businessmen now officially co-own the poultry giant “Alel Agro.” According to the company’s latest report, both Yessenov and Seisembayev became affiliated persons of the company on August 8 of this year.
Margulan Kaliyevich and his spouse manage their shares through private companies Seimar Ltd and Agros Ltd. Yessenov, meanwhile, likely owns his shares directly, as no other legal entities appear in the list of affiliated persons of “Alel Agro.”
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It is worth noting that over the past five years—from 2018 to 2022—the enterprise received just over 19 billion tenge in government subsidies.
Second, since July 31 of this year, Yessenov has personally been listed as one of the owners of the poultry farm “Asyl Qus Agro.” Seisembayev also holds a stake in the company through Seimar Ltd as of the same date. The farm, valued at 2.4 billion tenge, was launched in 2016 after receiving a state loan of 1.3 billion tenge.
Previously, we подробно covered what else makes up Yessenov’s business empire (part one, part two).
Yessenov and Asadel
In 2015, Seisembayev announced the establishment of his own private equity fund, Asadel Partners PEF (registered in the UAE). Reliable information about Yessenov’s connections to the fund has never been disclosed; his presence among investors has only been mentioned by anonymous online sources.
In 2016, Asadel Partners PEF reported acquiring a 30% stake in “Alel Agro.”
In March of this year, a fund with the same name (registered in Singapore) exited the list of major shareholders of the company. The fund was removed from the list of affiliated persons only by October 1—this updated list included Yessenov, as well as companies owned by Seisembayev and his spouse.
We obtained an extract from the Singapore registry, according to which Asadel Partners PEF currently has six owners: Margulan and Saule Seisembayev, Yerik Sultankulov, Anastasia Sulger, Narwal Ltd., and Fabiano Ltd.
It was not possible to determine from open sources whether Yessenov is connected to Fabiano Ltd., registered in the UAE. However, Narwal Ltd., registered in the British Virgin Islands, is indeed linked to the businessman according to the Pandora Papers—he was at least its ultimate beneficial owner in the past.
What assets does Asadel have in Kazakhstan?
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Tamos Education private school network;
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“Uyz Mai Industry,” a plant producing soybeans, soybean meal, and soybean oil—built under a state industrialization program;
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“Agro Fit Kapshagay,” a feed mill;
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Agricultural project Amal Bio (cultivation and sale of apples and vegetables);
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Asadel Partners investment fund—owns AmalBio LLP and the agricultural cooperative “Zhetysu Baktary.”
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Leads the editorial team. Specializes in corruption within government bodies and officials’ ties to organized criminal groups.
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