Family ties, state millions, and opaque deals: How Galimzhan Yesenov became the owner of Jusan Bank through marriage to Akhmetzhan Yesimov’s daughter

The rise of Galimzhan Yesenov to the top of the business elite and his inclusion in the Forbes list is accompanied by a series of strange coincidences. Individually, they may seem random, but together they raise more questions than they answer.

Galimzhan Yesenov is a businessman who ranked 14th among the wealthiest Kazakhs. The new ranking has not yet been released, but Yesenov’s position clearly changed after he was appointed Chairman of the Board of Jusan Bank, where he simultaneously became the majority shareholder. Put simply, Galimzhan Yesenov is effectively the sole owner. It is this change in status that is linked to one of the most significant and puzzling coincidences in Yesenov’s life.

The fact is that no one can clarify the origin of the funds Yesenov used to acquire Jusan Bank. Even formally, the situation looks somewhat murky. The story began in 2013, when KNG Finance LLP, where Yesenov was CEO, acquired ATFBank JSC. Yesenov immediately became Chairman of the Board of Directors, but the main issue lies in what happened next. In 2020, First Heartland Jusan Bank JSC acquired 99.76% of ATFBank’s shares. It then suddenly became clear that the owner of ATFBank was Galimzhan Yesenov, who, after the deal, became a minority shareholder of Jusan Bank. In 2023, Yesenov was granted ownership rights over First Heartland Securities JSC (FHS), holder of 80% of Jusan Bank shares. This increased Yesenov’s ultimate stake in Jusan Bank to nearly 100%.

The story seems logical and straightforward – one party sells, another buys, and ownership changes. But there are unanswered questions. Firstly, the 2013 purchase of ATFBank cost Yesenov $500 million. Where did a 31-year-old Yesenov get such funds? There are further questions regarding the initial capital that allowed a former employee to become one of the country’s largest bankers and businessmen.

In 2017, ATFBank, by then owned by Yesenov, received refinancing from the Kazakh government in the amount of $260 million. The bank was neither systemic nor particularly important for the state economy. Its financial indicators were neither catastrophic nor outstanding to justify such a bailout by the National Bank of Kazakhstan, which was non-repayable. Later, in 2020, ATFBank received another $80 million from the National Bank and $350 million from Kazakhstan’s National Welfare Fund, Samruk-Kazyna.

A few months later, ATFBank was sold to Jusan Bank, making Yesenov a co-owner, though initially a minority shareholder. Three years later, ownership of First Heartland Securities JSC (FHS), holder of 80% of Jusan Bank shares, was transferred to him, making him the owner of Jusan Bank. This was not a simple private transaction; the Kazakh state was actively involved in Yesenov’s side. Why? What exceptional services has Galimzhan Yesenov rendered to the Republic of Kazakhstan?

To answer this, we must go back to 2007, when Yesenov, then a well-educated but ordinary manager, married the daughter of Akhmetzhan Yesimov – a well-known Kazakh politician and businessman, former mayor of Almaty and later chairman of the National Welfare Fund, Samruk-Kazyna (2017–2021). Compare the dates and draw your conclusions.

After marrying Yesimov’s daughter, Yesenov transitioned from a project manager at Seymar Investment Group to chairman of Delta Bank’s Board of Directors, beginning a rapid banking career. Curiously, it is not explained how a salaried manager suddenly became the owner of Kazphosphate, paying $140 million for which the source of funds remains unknown.

Family ties, state millions, and opaque deals: How Galimzhan Yesenov became the owner of Jusan Bank through marriage to Akhmetzhan Yesimov’s daughter

Comparing stages of his career with his father-in-law’s biography shows interesting coincidences, not direct, but hard to ignore.

Family ties, state millions, and opaque deals: How Galimzhan Yesenov became the owner of Jusan Bank through marriage to Akhmetzhan Yesimov’s daughter

For instance, when Yesenov suddenly purchased Kazphosphate, Yesimov, his father-in-law, chaired KazAgro National Holding, which was closely linked to Kazphosphate.

Another coincidence involves sports. Yesenov led various sports organizations: the Central Asian Triathlon Association, MMA Association, Chess Federation, etc. Akhmetzhan Yesimov also organized major sporting events in Almaty, including the 7th Winter Asian Games (2013) and the professional cycling race Tour of Almaty. At the same time, Yesenov was active in sports administration. How these events benefited Yesenov’s wealth is speculative, especially since after Yesimov headed Samruk-Kazyna, Yesenov’s bank received $350 million from the fund.

Another striking coincidence: in May 2021, after First Heartland Jusan Bank acquired ATFBank, Yesenov sold Kazphosphate to English-registered Kazphosphate Limited – actually owned by Russians: Sergey Momtselidze, Evgeny Shavel, and Mikhail Genkin of Uralchem. Why Yesenov suddenly sold his most profitable asset to Russians is unclear. At that time, Kazakhstan experienced notable elite shifts: Yesimov lost influence, while Yesenov gained recognition, receiving honorary positions in national sports federations from President Tokayev.

During this period, the Kazakh state actively intervened in Yesenov’s bank acquisition. Official statements noted: “This transfer [of FHS ownership] was part of an amicable settlement ending numerous legal disputes between Jusan Bank shareholders, the Republic of Kazakhstan, and Galimzhan Yesenov. According to the settlement, Jusan Bank returned under Kazakhstan’s jurisdiction.” Why the state intervened is still unexplained. Ultimately, Yesenov became the bank’s owner under a seemingly unusual deal.

Moreover, just before Yesenov became Jusan Bank’s de facto owner, the Kazakh government had numerous claims against the bank, alleging $1.5 billion had been transferred abroad. After Yesenov assumed ownership, all claims were lifted, as officially stated by the Ministry of Justice. The statements were vague, raising further questions: whose money did Yesenov use to buy Jusan Bank? If it was his, why did the state suddenly intervene? If not, whose funds were they, and under what conditions were claims lifted? Who orchestrated these unclear transactions – Tokayev, Nazarbayev and family, unnamed Kazakh oligarchs, or Russians who bought Yesenov’s most profitable asset?

As seen, there are far more questions than answers, intertwined with the many strange coincidences in Galimzhan Yesenov’s biography and the highest echelons of Kazakhstan’s elite, both past and present.