Jusan Technologies, a British company owned by the Nazarbayev family that came to control nearly $8 billion of Jusan Group assets as a result of various manipulations, received $127 million in exchange for giving up ownership of the group’s business in Kazakhstan.

This became known from the financial statements of Jusan Technologies, published in the British commercial register, writes the TV channel “Access to the Sea”.

In addition, it became known that the company QAZ42 received about 8 million dollars for its stake in Jusan Technologies, for which it had previously paid 20 million dollars, after which it became the owner of a share worth 10 times more.  

We have already told readers that the Kazakh authorities returned Jusan Bank to Kazakh jurisdiction in mid-June last year. And a little earlier, Nazarbayev University announced the resignation of its president Shigeo Katsu, who occupied this and other important posts in the Jusan group companies back in the days of the first president.

These facts, accompanied by a strange hodgepodge of lawsuits surrounding Jusan, whose assets include a prestigious university and a bank, then gave food for thought about what was happening around this holding.

Shigeo Katsu first came to light in connection with a lawsuit filed by the two main legal entities of the group, the corporation Jysan Holding, LLC and Jusan Technologies Ltd. As is known, they filed a lawsuit against a whole group of state agencies of Kazakhstan, as well as individuals associated with them. 

In the lawsuit, the plaintiffs accused the Kazakh authorities of attempting to steal assets located in Kazakhstan worth more than US$1.5 billion.

In June 2022, the Financial Monitoring Agency of the Republic of Kazakhstan initiated a criminal investigation into the circumstances of the acquisition of Tsesnabank in 2019. According to the initiators of the lawsuit, the basis for this investigation was a letter from Adilbek Dzhaksybekov, who claimed that this transaction was illegal. And these statements by a “private individual” led to very political consequences at the highest level.

Last March, we also reported that another lawsuit concerning the assets of the Jusan group was being considered at the same time in Almaty. Here, the plaintiff on the Nazarbayev Fund’s application was the General Prosecutor’s Office of Kazakhstan, and the defendants were the Nevada plaintiffs.

The Prosecutor General’s Office of the Republic of Kazakhstan, which filed a lawsuit based on the application of the Nazarbayev Fund, believes that in April 2020, Pioneer Capital Invest, which is now headed by the former head of the National Bank of the Republic of Kazakhstan Daniyar Akishev, transferred its property to British jurisdiction, to the share capital of JT. The prosecutor’s office demands that the assets be returned to Kazakhstan. 

On March 3, 2023, also during the preliminary hearings, it became known that the Prosecutor General’s Office of the Republic of Kazakhstan filed a lawsuit following an appeal by the Nazarbayev Foundation (NF). They claim that funding for the Nazarbayev Intellectual School (NIS) and Nazarbayev University (NU) has ceased.  

...By the way, rumors that a decent kickback was paid for settling the Jusan problem appeared at the agreement stage. Well, now we know the price of the issue. And something tells us that this is not the last chapter of the epic called "War for Jusan".