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Head of Samruk-Kazyna Sovereign Wealth Fund Timur Kulibayev to be dissolved

23 december 2011, 11:39
0
Timur Kulibayev. Yaroslav Radlovsky©
Timur Kulibayev. Yaroslav Radlovsky©
Nursultan Nazarbayev. ©REUTERS
Nursultan Nazarbayev. ©REUTERS
Head of Samruk-Kazyna Sovereign Wealth Fund Timur Kulibayev will be dissolved, Kazakhstan’s President Nursultan Nazarbayev announced on the state-run Khabar TV channel.

Samruk-Kazyna is a joint stock company in Kazakhstan which owns, either in whole or in part, many important companies in the country, including the national rail and postal service, the state oil and gas company KazMunayGas, the state uranium company Kazatomprom, Air Astana airline, and numerous financial groups. The state is the sole shareholder of the fund.

“I will take the decision to dissolve Timur Kulibayev who heads the Samruk-Kazyna Sovereign Wealth Fund … My instructions to settle the labor disputes [following the industrial action in the Western oil-producing regions which started in May and partly suspended oil production] were not followed; besides, the oil companies took a decision to sack the oilmen [who participated in the strikes]… All this entailed escalated tension”, President Nazarbayev said.

“All in all, the demands of the oilmen [taking the industrial action] were substantiated. There were some violations of the labor order on the part of the oilmen; however, the oil companies should keep in mind that these people are our fellow countrymen … They should have been listened to and supported. Unfortunately, it wasn’t done”, he said.

December 22 President Nazarbayev was on a working trip to Mangistau oblast which is home to oil producing facilities. Last week the region had seen a burst of public unrest. 16 people died, over a hundred were injured.

During his trip, President Nazarbayev appointed Baurzhan Mukhamedzhanov [ex Interior Minister] to replace Krymbek Kusherbayev in the office of the regional governor. Besides, President appointed Lyazzat Kiinov [ex Vice Minister of Oil and Gas and once governor of Mangistau oblast] to head KazMunayGas National Oil and Gas Company.

Timur Kulibayev of Samruk-Kazyna is President Nazarbayev’s son-in-law. He is married to President’s middle daughter Dinara.

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