Kazkommertsbank or QAZKOM: Kenes Rakishev’s $1,687 Billion Waste

$1,687 BILLION Of Kenes Rakishev

Article on how the state actually owns a young, but early Kenes Rakishev.

At the disposal of the editors there appeared a document from which it follows that two years ago, a young Kazakh businessman Kenes Rakishev has “cost” 1,687 billion dollars. This is twice more than it “weighs” is still the official version of “Forbes” -718 000 000 dollars. Let’s see what is hidden in his piggy bank?

To begin with, we offer our readers a biography of Kenes Rakishev, which we have borrowed from Wikipedia: “Rakishev Kenes Hamitovich (KAZ Keңes Hamitұly Raқyshev, born July 14, 1979, AlmaAta, Kazakhstan..) – Kazakh entrepreneur, venture investor, shareholder and Chairman of the Board of JSC Kazkommertsbank, Chairman of SAT & Company Board of Industrial Holding of Directors, Chairman of the Board of Directors of Net Element – the first American company to the Kazakh capital, published in the high-tech stock exchange NASDAQ, a member of the board of directors of the largest Russian Fastlane Ventures venture fund. He is co-founder of the global venture SingulariTeam fund specializing in start-ups and breakthrough technologies in robotic industry. He takes the 7th place in the ranking “Top50 richest businessmen of Kazakhstan” with a fortune of $ 718 000 000. Included in the rating of “Top50 of the most influential business magazine Forbes Kazakhstan” (5th place).

Kenes Rakishev was born on July 14, 1979 in the family of the famous statesman and public figure Hamit Koshanovich Rakishev, a long time headed the Chamber of Commerce of Kazakhstan. Kenes Rakishev is the son–in–law of the Minister of Defence of the Republic of Kazakhstan Imangali Tasmagambetov.

“He’ve graduated the Kazakh State Academy of Law (2000), Kazakh Economic University. T.Ryskulov (2002), a lawyer, an economist.

In 2007 he’ve got the diploma of the international Oxford Saïd Business School in discipline Advanced Management (in the rating of Financial Times Global MBA2012 school ranked 20th among the world’s other leading business schools for full-time MBA program), as well as the London Business School certificate in the discipline Developing Strategy for Value Creation“.

“1998-1999 – Advisor FBDD MIA of RK.
2000 – Manager of JSC “KazTransGas”.
2000-2002 – Head of Marketing DMTS JSC Intergas Central Asia ».
2002 – Head of the Department of VES JSC “KazTransGas”.
2003 – First Deputy gene. Director of Export JSC TH “KazMunayGas”.
2003-2004 – Vice President of JSC “KazTransGas”.
2004-2005 – General Director of LLP “Mercury”.
2005 – Vice President of the Republic of Kazakhstan Chamber of Commerce and the Union.
2006 – Chairman of the Board of Industrial Holding Sat & Co.
2012 – Member of the Presidium of the business associations NEP “Union” Atameken “.
2012 – Chairman of the Presidium of the Association of Legal Entities “Association of Young Entrepreneurs of Kazakhstan”
2013 – Member of the Youth Policy Council under the President of the Republic of Kazakhstan “Zhas Kenes”.
2013 – Chairman of the Board of JSC “BTA Bank”.
2014 – Independent Director of JSC NC “Kazakhstan Engineering”.
2015 – Member of the Board of Directors of JSC “Kazkommertsbank”.

Kenes Rakishev is also chairman of Kazakhstan Petrochemical Industries Board of Directors, the leading operator in the construction of the first gas-chemical complex in the Republic of Kazakhstan and a member of the Board of Directors of Vyborg Shipyard and ship Astrakhan plants.”

We ask our readers to carefully read again paragraphs from Wikipedia, and remember them. Why? Because Kenes Rakishev’s biography clearly shows that s he started as independent busines in 2006, when topped Sat & Co company as Chairman of the Board of Directors. Previously, he held management positions only.

So, we want to please even the remaining minority shareholders of JSC “BTA Bank” JSC and “Kazkommertsbank”, as well as the last customer – Kenes Rakishev much richer than it follows from the information available to the Kazakh version of “Forbes”. In proof of this fact we publish his own correspondence with one of the assistants on the subject (taken by us in the public domain on the Internet at a Kazahleaks archives).

It is dated by January 12, 2014. January 12, 2014 at 12:38 Alken Kuanbay wrote: “Kenes, did you forgotten nothing for your reminder? What about Romaltyn? It it anything more? Alken”.
At 12.40 the same day, Kenes Rakishev replied with the mark “assets”: “You are nice! Come today still sit down!”
He received the respond: “Brother, sending you an updated memo. It might be today evening or tomorrow… I’m waiting the guests now. Alken.”

In this letter was attached a file called “1.vault. ” Apparently, it is the first page of a large document that Kenes Rakishev’s employees prepared for their patron. In fact, this is the result of what was owned by the new owner of “Kazkommertsbank” at the beginning of 2014.

Kenes Rakishev weighs $1,687 BILLION

Let’s start with assets of Kenes Khamitovich himself. This is 9 business projects, of which a monetary value had only 8, and one was in the process whether registration or launching. Total for this section Rakishev “weighed” 787 million dollars, which is comparable to the assessment of Kazakh version “Forbes”. However, part of the Kenes Rakishev’s assets has been registered on his wife Assel Tasmagambetova, the daughter of Imangali Tasmagambetov, and Sophia Tasmagambetova, the second daughter of the Minister of Defence of Kazakhstan and sister Asel. On the first of them were “hung” five projects valued at $ 101 million, the second one – also 5, but cost just $ 14 million.

The following table contains a section entitled “Brochures”. We don’t know whether this is a blooper or so Kenes Rakishev’s employees decided to call large business projects to lead him to a brighter future. Among them, in addition to the “BTA Bank” and “Kazkommertsbank” mentioned “AlmatyMetrostroy”,”Amanat” Investment Fund and “Kaznickel”. These five projects have cost as much as $ 750 million, and their prospective cost is estimated at 2,885 billion dollars. In the “Property” section there are 5 objects, including the house in Moscow, Astana and Almaty, apartments in Paris and a cars collection. Their total cost estimated at 77 million dollars.

The section “Other assets” pulled by 308 million dollars, 198 million from which were in trust management, 60 million based in Singapore, and 50 million were worth two Business Class aircrafts. Thus, according to the document, only at the beginning of 2014 Kenes Rakishev owned assets, including interest and securities, movable and immovable property, cash in banks and trust totaling 2.037 billion US dollars. At the same time Rakishev’s liabilities his associates evaluated only in 350 million dollars. Recent developed from debts of two banks and others, undeciphered in the file of debt.

In other words, two years ago Kenes Rakishev, according to this document, has the “cost” in 1,687 billion dollars. Of course, we assume that the document dealt with the riches of not only himself, but the whole family, that is, including the father-Minister of Defense of Kazakhstan Imangali Tasmagambetov. But this is only a suspicion, we will not insist on this version.

Summing up the results. Kenes Rakishev, born in 1979, beginning an independent business from 2006, that is only for 8 years, was able to earn $1,687 billion by the beginning of 2014. Since he did not hold high government posts and was not involved in the first wave of privatization, on what did the state of other Kazakh billionaires, it means only the one thing – he is the “Great Businessman“.

That is why we believe that the “Kazkommertsbank” has the brightest prospects because its current owner and the head is a very rich man and a real dollar billionaire. We hope our readers appreciated the irony, and those who someday will lustration in Kazakhstan, took this article on our review.