Follow-up: Kazakh President Tokayev Says on November 13 That the Arrest of the Sovereign Wealth Fund Chief Will Not Disrupt Its Operations, as the Fund Holds Assets Near 40 Percent of GDP and the State Railway Head Was Also Arrested
Kazakh President Kassym-Jomart Tokayev said on Friday that the arrest of the head of the country sovereign wealth fund on suspicion of corruption would not disrupt the fund operations and that anti-corruption efforts should boost investor confidence.
On Thursday, Kazakhstan domestic security service said Nurlan Zhakupov, the chief executive of the Samruk-Kazyna sovereign wealth fund, and Yelzhas Otynshiyev, the head of the state railway company Kazakhstan Temir Zholy, which is wholly owned by Samruk-Kazyna, had both been arrested on suspicion of corruption.
Samruk-Kazyna said on Thursday it was cooperating with the investigation, and Reuters could not reach the two executives for comment.
I am sure that the fight against corruption, on the contrary, should increase the confidence of investors and creditors in this institution, and its work will become more effective, transparent and productive, Tokayev said at a session of the country security council.
Samruk-Kazyna owns assets accounting for almost 40 percent of Kazakhstan GDP, among them the national carrier Air Astana and the state oil and gas company KazMunayGaz, earlier this week Kazakhstan Temir Zholy cleared a listing hearing at the Hong Kong Stock Exchange, a key step toward a planned initial public offering with listings in Astana, Hong Kong and London, Tokayev also said in his speech that Kazakhstan had reviewed some contracts without saying in which industries or with whom, and Kazakhstan accounts for about 2 percent of global oil supply.
Source: Presidency of Kazakhstan
Published by GSM · USA (original Chinese edition)
Photo: 图：哈萨克斯坦首都阿斯塔纳的巴伊杰列克塔夜景（资料图）。Dauren Nabijan，CC0，经 Wikimedia Commons。 / Photo: The Baiterek Tower in Astana, capital of Kazakhstan, at night (file photo). By Dauren Nabijan, CC0, via Wikimedia Commons.
- 2026-11-12Kazakhstan Detains Heads of Samruk-Kazyna Wealth Fund and National Railway on Corruption Suspicion
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