Bulat Utemuratov

Utemuratov was born in 1957. His father worked in the judiciary and was a prosecutor, and his mother worked as an accountant. Utemuratov graduated from the Faculty of Economics of the Almaty Institute of National Economy in 1981.

After Kazakhstan became an independent country in 1991, President Nursultan Nazarbayev selected Utemuratov to go to Vienna and find economic opportunities for the new republic.{{cite web |last1=Gizitdinov |first1=Nariman |date=13 November 2013 |title=Kazakh Billionaire Says He's Got Nothing to Hide |url=https://www.bloomberg.com/news/articles/2013-11-13/kazakh-billionaire-says-he-s-got-nothing-to-hide?leadSource=uverify%20wall&sref=fXnwrRJZ |access-date=6 November 2023 |website=Bloomberg.com |language=en}} He helped broker Kazakhstan’s first line of credit with Bank Creditanstalt. In 1996 Utemuratov was appointed as ambassador to Switzerland, a position he held for three years.

After Utemuratov returned, he was made first deputy minister for external economic affairs. In 1995, Utemuratov, jointly with a group of partners, founded the Almaty Trade and Finance (ATF) Bank; by 2007 he was its controlling shareholder. In 2007, Utemuratov, along with minority shareholders, sold ATF Bank to the Italian UniCredit group for $2.3 billion. As of 2007, this transaction was the largest in the Central Independent States banking sector.{{cite web|url=https://www.bloomberg.com/news/articles/2013-04-09/kazakh-billionaire-said-to-consider-bid-for-alliance-temirbank|title=Kazakh Billionaire Said to Weigh Bid as State Sells Banks|date=9 April 2013|publisher=Bloomberg L.P.}}{{Cite web |date=2022-08-15 |title=The birth of a Kazakh banking empire: ATF Bank |url=https://www.intellinews.com/the-birth-of-a-kazakh-banking-empire-atf-bank-253320/ |access-date=2022-11-23 |website=www.intellinews.com |language=en}} Subsequent reports suggested that Utemuratov and his family members made more than $1 billion from the sale.

In 1999, Utemuratov was a member of the United Nations Economic Commission for Europe.{{cite web|url=https://www.unece.org/fileadmin/DAM/press/pr1999/99gen4e.htm|title=Press Releases 1999|website=unece.org}}

From 2003 to 2006 he was secretary of the security council and head of the presidential property management directorate from 2006 to 2008.{{Cite web |title=Security Council — Official website of the President of the Republic of Kazakhstan |url=https://www.akorda.kz/en/executive_office/presidential_councils/security-council |archive-url=https://web.archive.org/web/20220523165009/https://www.akorda.kz/en/executive_office/presidential_councils/security-council |url-status=dead |archive-date=2022-05-23 |access-date=2022-11-23 |website=Akorda.kz |language=en}}

From 2008 to 2013, Utemuratov, was described as an "adviser to the president" and held a role as a special representative to Kyrgyzstan.{{cite web |last1=Orange |first1=Richard |last2=Ebrahimi |first2=Helia |date=12 May 2011 |title=Glencore's $7.6bn Kazakh business under threat |url=https://www.telegraph.co.uk/finance/commodities/8510797/Glencores-7.6bn-Kazakh-business-under-threat.html |website=The Telegraph}}

This close relationship with Nazarbayev led to Utemuratov being given the nickname "the grey cardinal" in Kazakhstan.{{Cite news |last1=Millard |first1=Rachel |date=3 March 2019 |title=Glencore bought jet from Kazakh dictator's sidekick Bulat Utemuratov |work=The Times |url=https://www.thetimes.com/business-money/markets/article/glencore-bought-jet-from-kazakh-dictators-sidekick-bulat-utemuratov-fz2lxrm56 |access-date=}}{{Cite web |last=Nurshayeva |first=Raushan |date=7 February 2013 |title=Kazakh fund adds 29 pct of Kazzinc to stakes in miners |url=https://www.reuters.com/article/kazzinc-kazakhstan-stake-idUKL5N0B78B020130207/ |access-date=16 August 2024 |website=Reuters}} The Times quoted a spokeswoman for Utemuratov saying he: "is neither a middleman, nor proxy for President Nazarbayev" and that he had not profited from his relationship with the President.{{cite news | url=https://www.thetimes.com/business-money/markets/article/glencore-gave-kazakh-dictator-s-ally-big-share-in-school-0dmhbhnlf | title=Glencore gave Kazakh dictator's ally big share in school | date=12 August 2023 }}

Kassa Nova, formerly owned by Utemuratov, was established in 2009 and was acquired in 2020 by Freedom Holding Corp for an approximate $41 million.{{cite web |date=4 August 2020 |title=Freedom Holding Corp. Acquires the Kassa Nova Bank |url=https://kz.kursiv.media/en/2020-08-04/freedom-holding-corp-acquires-kassa-nova-bank/}}

After Samruk-Kazyna SWF closed a sale of its shares in Temirbank and part of its shares in Alliance Bank to Utemuratov in May 2014, ForteBank was created.{{Cite web |date=2022-08-15 |title=The birth of a Kazakh banking empire: ATF Bank |url=https://www.intellinews.com/the-birth-of-a-kazakh-banking-empire-atf-bank-253320/ |access-date=2023-11-09 |website=www.intellinews.com |language=en}}

As of 2013, Utemuratov was a key investor of the projects managed by Verny Capital investment group,{{cite web|url=https://www.bloomberg.com/news/articles/2013-02-19/kazzinc-verny-to-buy-kazakh-gold-producer-for-30-billion-tenge|title=Kazzinc, Verny to Buy Kazakh Gold Producer for 30 Billion Tenge|date=19 February 2013|publisher=Bloomberg L.P.}} together with VEON he also owned two telecommunications operators –"KarTel" in Kazakhstan and "SkyMobile" in Kyrgyzstan operating under the brand Beeline (brand). Verny Capital is a majority shareholder in a gold mining company RG Gold, while 35 percent equity stake belongs to Resource Capital Funds, a US-based private equity fund.{{cite web | url=https://www.whitecase.com/news/press-release/white-case-advises-resource-capital-fund-vii-lp-acquisition-35-percent-equity | title=White & Case Advises Resource Capital Fund VII L.P. On Acquisition of 35 Percent Equity Stake in Kazakhstan Gold Mine | White & Case LLP | date=8 January 2019 }} Utemuratov is the main shareholder of ForteBank; he owns the Burger King franchise in Kazakhstan and has holdings in hotel sector{{cite web | url=https://www.forbes.com/profile/bulat-utemuratov/?sh=2dfa427817ed | title=Bulat Utemuratov | website=Forbes }}{{cite web | url=https://www.inform.kz/en/verny-capital-to-build-300-million-tower-complex-in-astana_a2567368 | title=Verny Capital to build $300 million tower complex in Astana: 18 June 2013, 16:55 - news on inform.kz | date=18 June 2013 }} Utemuratov has been the President of the Kazakhstan Tennis Federation since 2007.{{Cite news |last=Futterman |first=Matthew |date=2022-10-05 |title=The Billionaire Trying to Turn Kazakhstan Into a Tennis Nation |url=https://www.nytimes.com/2022/10/05/sports/tennis/kazakhstan-utemuratov.html |access-date=2024-08-17 |work=The New York Times |language=en-US |issn=0362-4331}} In September 2019, Utemuratov was elected as ITF Vice-President.{{cite web |title=Kazakhstan tennis chief appointed ITF vice president |url=https://ocasia.org/news/104-kazakhstan-tennis-chief-appointed-itf-vice-president.html |access-date=2022-07-06 |website=OCA}}

In 2011, when Glencore the Swiss-based mining and commodities company, announced its initial public offering (IPO) in London, the company said that some of the proceeds would be used to buy back the Kazzinc Glencore's copper subsidiary shares held by Verny Capital.{{cite web |last=Orange |first=Richard |date=6 May 2011 |title=Glencore float could create Kazakhstan's richest man |url=https://www.telegraph.co.uk/finance/commodities/8496018/Glencore-float-could-create-Kazakhstans-richest-man.html |website=The Telegraph}} In 2012, Glencore bought the Kazzinc shares back from Verny Capital for $1.359 billion,{{Cite news|url=https://www.marketwatch.com/story/glencore-in-new-deal-to-buy-1891-kazzinc-stake-2012-09-25|title = Glencore in new deal to buy 18.91% Kazzinc stake| newspaper=Marketwatch | last1=MacDonald | first1=Alex }} including $400 million in cash and the rest in Glencore shares. In 2013, Glencore-controlled zinc producer Kazzinc, acquired the Vasilkovskoye gold mine in Kazakhstan from Verny Capital.{{Cite news |date=2013-02-19 |title=UPDATE 1-Kazzinc, Verny Capital buy two Kazakh gold deposits |language=en |work=Reuters |url=https://www.reuters.com/article/gold-kazakhstan-kazzinc-idUSL6N0BJ3V920130219 |access-date=2022-09-02}} As part of this transaction, Verny was given shares in Kazzinc, Kazakhstan.

In 2012, Glencore's Kazzinc subsidiary bought a 56% in a private school called Haileybury Astana for $23 million.{{Cite news |last1=Leroux |first1=Marcus |last2=Baldwin |first2=Leigh |last3=Ralph |first3=Alex |date=20 February 2019 |title=Glencore gave Kazakh dictator's ally big share in school |work=The Times |url=https://www.thetimes.com/business-money/markets/article/glencore-gave-kazakh-dictator-s-ally-big-share-in-school-0dmhbhnlf}}

In 2013, Glencore gave a loan to Astana Property Management (APM), a company owned by Bulat Utemuratov via Verny Capital. The loan was to finance APM's construction of the Talan Towers hotel and apartment complex in Astana, Kazakhstan. Glencore loaned a total of $237 million to the project but the miner was forced to write off $96.5 million in 2018 after reported poor performance.{{Cite news|url=https://www.thetimes.com/business-money/companies/article/glencore-takes-96m-hit-on-loan-to-kazakhstans-bulat-utemuratov-wv895whgp|title = Glencore takes $96m hit on loan to Kazakhstan's Bulat Utemuratov|last1 = Millard|first1 = Rachel}} Since that transaction, Utemuratov and Glencore have done several other deals together.

In 2015, Glencore bought Utemuratov's Gulfstream private jet in an undisclosed transaction.

Utemuratov sold his Glencore shares in December 2021{{cite web | url=https://www.forbes.com/profile/bulat-utemuratov/?sh=2dfa427817ed | title=Bulat Utemuratov | website=Forbes }}

On 1 December 2020, The Wall Street Journal reported about the freezing of Utemuratov's assets including stakes in luxury hotels, cash in bank accounts in half a dozen countries and a Burger King franchise, by a UK civil court on the claim of BTA Bank.{{Cite news |last=Hope |first=Bradley |date=2020-12-01 |title=U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft |url=https://www.wsj.com/articles/u-k-court-freezes-up-to-5-billion-tied-to-alleged-kazakhstan-bank-theft-11606817488 |access-date=2020-12-11 |work=Wall Street Journal |language=en-US |issn=0099-9660}}{{cite web |last1=Higgins |first1=Andrew |last2=Bradley |first2=Jane |last3=Koshiw |first3=Isobel |last4=Wild |first4=Franz |date=18 June 2021 |title=The Power of Money: How Autocrats Use London to Strike Foes Worldwide |url=https://www.nytimes.com/2021/06/18/world/europe/uk-courts-russia-kazakhstan.html |access-date=1 October 2024 |website=The New York Times}} The freezing injunction of the English Court in relation to the assets of Bulat Utemuratov was lifted in December 2020 following a settlement between the two parties.

In March 2022, Dame Margaret Hodge, a British Member of Parliament, named Utemuratov in a speech advocating for sanctions against Kazakh billionaires.{{cite web |last=Dawkins |first=David |date=4 February 2022 |title=Kazakhstan Billionaires 'Named and Shamed' in U.K. Parliament by Senior Politician as Corruption Sanctions Near |url=https://www.forbes.com/sites/daviddawkins/2022/02/04/kazakhstan-billionaires-named-and-shamed-in-uk-parliament-by-senior-politician-as-corruption-sanctions-near/ |website=Forbes}} Utemuratov was one of 30 oligarchs and members of the Kazakh elite who, Hodge claimed, had benefited from their ties to the Nazarbayev regime.{{cite web |last=Klein |first=David |date=8 February 2022 |title=Kazakh Corruption 'Named and Shamed' in British Parliament |url=https://www.occrp.org/en/daily/15915-kazakh-corruption-named-and-shamed-in-british-parliament |website=OCCRP.org}} Hodge said: “Bulat Utemuratov is a former chief of staff to Nazarbayev. A US diplomatic cable reported allegations that Utemuratov was the president’s "personal financial manager" and his own website assesses his personal wealth at $3.9 billion.”{{Cite web |date=3 February 2022 |title=Commons Chamber, Motion made, and Question proposed, Dame Margaret Hodge, Kazakhstan: Anti-corruption Sanctions |url=https://hansard.parliament.uk/commons/2022-02-03/debates/41000B02-86AB-499E-8547-0F5AA84611B0/KazakhstanAnti-CorruptionSanctions |website=Hansard}}

Utemuratov is married to Utemuratova (Baishuakova) Azhar Abzhamiyevna. He has two sons{{cite web |last1=Gizitdinov |first1=Nariman |date=13 November 2013 |title=Kazakh Billionaire Says He's Got Nothing to Hide |url=https://www.bloomberg.com/news/articles/2013-11-13/kazakh-billionaire-says-he-s-got-nothing-to-hide?leadSource=uverify%20wall&sref=fXnwrRJZ |access-date=6 November 2023 |website=Bloomberg.com |language=en}} and a daughter.{{cn|date=October 2024}}

• Order of Kurmet (2002){{cite web |others="Утемуратова Болата Джамитовича - помощника Президента Республики Казахстан." |title=О награждении государственными наградами республики казахстан |url=http://kazakhstan.news-city.info/docs/sistemsx/dok_iedhfb.htm |archive-url=https://web.archive.org/web/20190609125712/http://kazakhstan.news-city.info/docs/sistemsx/dok_iedhfb.htm |url-status=dead |archive-date=2019-06-09 |website=kazakhstan.news-city.info}}

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Category:1957 births

Category:Living people

Category:Kazakhstani businesspeople

Category:Ethnic Kazakh people

Category:Recipients of the Order of Kurmet

Category:Oligarchs