State loan machinations: Galimzhan Yessenov and Margulan Seisembayev appropriated "Asyl Kus Agro," built with 2.8 million in public funds

The business alliance between Galimzhan Yessenov and Margulan Seisembayev has finally taken shape as a tool for the takeover of strategic assets that have, for years, drained tens of millions of dollars from the state budget through offshore schemes.

Behind the facade of "investment development" lies a large-scale transfer of factories, schools, and agricultural holdings—created with taxpayers’ money—into the personal control of these oligarchs.

We are publishing facts regarding the activities of Galimzhan Yessenov and Margulan Seisembayev to expose the true scale of the offshore manipulations and the misappropriation of state subsidies that they concealed for years through shell companies. These materials reveal a scheme of asset stripping and the exploitation of tens of millions of budget dollars for the personal enrichment of oligarchs under the guise of private investment funds.

In October, Galimzhan Yessenov returned to the list of the country’s most influential entrepreneurs, according to Forbes.kz.

In August, the 41-year-old businessman became the majority owner of Jusan Bank, as reported by the Telegram channel @Shishkin_like. Notably, the terms of the deal with Jusan Technologies Ltd. were never disclosed to the public. This follows the broader story of the Jusan Group’s return to Kazakhstani jurisdiction.

During the summer, Yessenov also emerged as an owner of two other Kazakhstani companies—both of which are linked to the controversial entrepreneur and popular coach, Margulan Seisembayev.

The Poultry Giants: "Alel Agro" and "Asyl Kus Agro"

First, the businessmen are now officially joint owners of the poultry giant "Alel Agro." According to the company’s latest financial statements, both Yessenov and Seisembayev became affiliated parties on August 8 of this year. Margulan Seisembayev and his wife manage their stakes through the private companies Seimar Ltd and Agros Ltd. Yessenov, however, likely holds his shares directly, as the list of affiliated persons for "Alel Agro" contains no other legal entities.

It is worth noting that between 2018 and 2022, the enterprise received state subsidies totaling more than 19 billion tenge (approx. $42.2 million).

Secondly, as of July 31 of this year, Yessenov personally appears as one of the owners of the "Asyl Kus Agro" poultry farm. Seisembayev has held a stake in the same enterprise since that same date through his private company, Seimar Ltd. The farm, valued at 2.4 billion tenge (approx. $5.3 million), was launched in 2016 after receiving a state loan of 1.3 billion tenge (approx. $2.8 million).

Yessenov and Asadel

In 2015, Seisembayev announced the establishment of his own private equity fund, Asadel Partners PEF (registered in the UAE). Reliable information regarding Yessenov’s ties to the fund had never been reported; his presence among the investors was previously mentioned only by anonymous online sources.

In 2016, Asadel Partners PEF reported the acquisition of a 30% stake in "Alel Agro." In March of this year, the fund of the same name (registered in Singapore) exited the list of major shareholders. The fund was only removed from the company’s list of affiliates by October 1—it was in this updated list that Yessenov, along with companies owned by Seisembayev and his wife, appeared.

We obtained an extract from the Singapore register, which shows that Asadel Partners PEF currently has six owners:

Margulan and Saule Seisembayev

Erik Sultankulov

Anastasia Sulger

Narwal Ltd.

Fabiano Ltd.

While we were unable to establish via open sources whether Yessenov is related to the UAE-registered Fabiano Ltd., the British Virgin Islands-registered Narwal Ltd. is indeed linked to the businessman. According to the Pandora Papers, he was, at the very least, its ultimate beneficial owner in the past.

What are Asadel’s assets in Kazakhstan?

Tamos Education: A network of private schools.

"Uyz May Industry": A plant for the production of soy, soybean meal, and soybean oil—built under the state industrialization program.

"Agro Fit Kapshagay": A compound feed mill.

Amal Bio: An agricultural project (growing and selling apples and vegetables).

Asadel Partners Investment Fund: Owns AmalBio LLP and the Zhetysu Baktary agricultural cooperative.