State funds amounting to billions have been channeled via ATF Bank while Galimzhan Yesenov and Akhmetzhan Yesimov are making efforts to cover up money laundering allegations

• 26.12.2025 07:47

The effectively defunct ATF Bank, linked to Galimzhan Yessenov and his father-in-law Akhmetzhan Yesimov, could prove to be the decisive breaking point for everyone involved

For a year, the head of “Samruk Kazyna” Akhmetzhan Yessimov and his son-in-law Galimzhan Yessenov, have been trying by all meansto hush up the scandals surrounding illegal family income schemes and money laundering of the Samruk Kazyna Foundation through ATF bank. At the same time, the schemes remain afloat even though ATF bank is bankrupt and will drag down all participants in the process without exception.Precisely because of the clear understanding that sooner or later Galimzhan Yesenov would receive a number of criminal cases, Yesimov insisted on a fictitious divorce between his daughter and the nominal owner of ATF bank.

The deep love of Yesimov, the head of “Samruk Kazyna”, for ATF bank became the reason for a journalistic investigation in the Western press. The article “Ethical problems have arisen in the Kazakh Samruk-Kazyna Foundation” is not very interesting in itself, since it does not contain anything new. But some excerpts from it deserve attention:

“Akhmetzhan Yessimov was criticized by the State Accounts Committee of Kazakhstan. The Accounts Committee stated that the huge state fund lacked transparency and its returns were falling in real terms.

What worries the Accounts Committee and what is waitinf for Galimzhan Yesenov?

—144 billion tenge ($350 million) of cash deposits of Samruk in ATF Bank. The bank is managed by Yesimov’s son-in-law Galimzhan Yesenov. But Samruk’s rules require that funds be placed only in institutions with an “A” credit rating. ATF rating is “B-”. Analysts consider it undesirable.

—Samruk’s subsidiary“Kazmunaigas” holds another 80 billion tenge ($190 million) in deposits with ATF, also in violation of credit rating requirements.

The Committee emphasizes that “Samruk” Chairman Yesimov is the father-in-law of ATF boss Yesenov. This creates opportunities for corruption in the giant sovereign wealth fund.

...Yesimov was under pressure from the government of Kazakhstan with a demand to increase the dividends paid by “Samruk”. After a thorough audit of Samruk’s low profitability and illegal deposits in ATF Bank, in July Yesimov was forced to increase dividend payments to 120 billion tenge, which is 10 times more than in 2017.

In 2007 Yesimov helped his son-in-law Galimzhan Yessenov finance the acquisition of the “Kazphosphate” fertilizer company for $120 million.”

Author: Maria Sharapova