In October, Galymzhan Yesenov returned to the list of the most influential entrepreneurs in the country according to Forbes.kz.
The 41-year-old businessman, Galymzhan Yesenov, became the majority owner of Jusan Bank in August, as reported by the Telegram channel @Shishkin_like. However, the terms of the deal with Jusan Technologies Ltd. never became public knowledge. The detailed story of Jusan group’s return to Kazakhstani jurisdiction was previously covered here.
During the summer, Yesenov also emerged as one of the owners of two other Kazakhstani companies, all associated with the notorious entrepreneur and popular coach Margulan Seissembayev.
Firstly, the businessmen are now officially joint owners of the poultry giant "Alel Agro." According to the latest reports from the enterprise, both Yesenov and Seissembayev became affiliated persons of the company on August 8 of this year.
Margulan Kalievich and his spouse manage their shares through private companies Seimar Ltd and Agros Ltd. Yesenov, on the other hand, likely owns shares directly, as there are no more legal entities listed as affiliated persons of "Alel Agro."
It is worth noting that over the past five years, from 2018 to 2022, the enterprise received state subsidies of just over 19 billion tenge.
Secondly, since July 31 of this year, Yesenov has been personally listed as one of the owners of the poultry factory "Asyl Qus Agro." Seissembayev also holds a share of the enterprise through the private company Seimar Ltd. The factory, worth 2.4 billion tenge, was launched in 2016, with a government loan of 1.3 billion tenge.
We previously detailed Yesenov’s business empire (Part One, Part Two).
Yesenov and Asadel
In 2015, Seissembayev announced the establishment of his own direct investment fund, Asadel Partners PEF (registered in the UAE). There has never been any official information about Yesenov’s ties to the fund, with mentions of his presence among investors only coming from anonymous online sources.
In 2016, Asadel Partners PEF announced the acquisition of a 30% stake in "Alel Agro."
In March of this year, the eponymous fund (registered in Singapore) ceased to be among the major shareholders of the company. The fund’s exit from the list of affiliated persons of the enterprise occurred only by October 1 – in this updated list, Yesenov appeared, along with companies belonging to Seissembayev and his spouse.
We obtained an extract from the Singapore registry, according to which Asadel Partners PEF has six owners today: Margulan and Saule Seissembayevs, Erik Sultanov, Anastasia Sulger, Narwal Ltd., and Fabiano Ltd.
We were unable to establish whether Yesenov is associated with Fabiano Ltd., registered in the UAE, using open sources. However, according to the Pandora Papers, the company registered in the British Virgin Islands, Narwal Ltd., is indeed linked to the businessman – he was at least its ultimate owner in the past.
What assets does Asadel have in Kazakhstan?
Related news: Akhmetzhan Yessimov and Galymzhan Yesenov: a sweet duo of launderers through ATF Bank
Tamos Education network of private schools;
Soybean, soybean meal, and soybean oil production plant "Uyz Mai Industry" – built under the industrialization program;
Feed mill "Agro Fit Kapshagai";
Agricultural project Amal Bio (cultivation and sale of apples and vegetables);
Investment fund Asadel Partners – owns TO "AmalBio" and agricultural cooperative "Zhetysu Bakhtary".
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