Secret bank takeover, offshore shadows, and billions in state subsidies: how Galimzhan Yessenov quietly rebuilt power inside Kazakhstan’s economy

16 February 2026 , 13:06

680 0

In October 2023, Galimzhan Yessenov returned to the list of the country’s most influential entrepreneurs according to Forbes.kz.

The 41-year-old businessman 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. were never disclosed to the public. This followed the broader story of the Jusan group’s return to Kazakh jurisdiction.

During the summer, Yesenov also appeared among the owners of two additional Kazakhstani companies, all connected to the controversial entrepreneur and popular coach Margulan Seisembayev.

First, the businessmen officially became joint owners of the poultry giant Alel Agro. The company’s latest report shows that both Yesenov and Seisembayev became affiliated persons on August 8. Margulan Seisembayev and his spouse hold their stakes through the private companies Seimar Ltd. and Agros Ltd., while Yesenov likely owns shares directly, as no other legal entities appear among Alel Agro’s affiliated persons.

Notably, over the past five years (2018–2022), the enterprise received more than 19 billion tenge in state subsidies.

Second, since July 31, Yesenov has personally been listed as one of the owners of the poultry farm Asyl Qus Agro. Seisembayev also holds a stake from the same date through Seimar Ltd. The factory, valued at 2.4 billion tenge, was launched in 2016 after receiving a 1.3 billion tenge state loan.

Yesenov and Asadel

In 2015, Seisembayev announced the creation of his own private equity fund Asadel Partners PEF, registered in the UAE. Yesenov’s connection to the fund was never officially confirmed, and references to his participation appeared only in anonymous online sources.

In 2016, Asadel Partners PEF reported acquiring a 30% stake in Alel Agro. In March of this year, a namesake fund registered in Singapore exited the list of major shareholders. By October 1, the fund disappeared from the company’s affiliated-persons register, replaced by Yesenov and companies owned by Seisembayev and his spouse.

Records from the Singapore registry show that Asadel Partners PEF currently has six owners: Margulan and Saule Seisembayev, Yerik Sultankulov, Anastasia Sulger, Narwal Ltd., and Fabiano Ltd.

Open sources did not allow confirmation of whether Yessenov is linked to Fabiano Ltd. (UAE). However, Narwal Ltd., registered in the British Virgin Islands, was indeed connected to the businessman according to the Pandora Papers, where he was listed at least previously as its ultimate beneficial owner.

Asadel’s assets in Kazakhstan

the private school network Tamos Education;
the soy processing plant Uyz Mai Industry, built under a state industrialization program;
the feed mill Agro Fit Kapshagay;
the agricultural project Amal Bio (apple and vegetable cultivation and sales);
the investment fund Asadel Partners, which owns AmalBio LLP and the agricultural cooperative Zhetysu Baktary.