Deal with the Devil

Is “Kadyrov’s Brother” Rakishev Poised to Take a Seat on the Board of Eurasian Resources Group?



Kazakh oligarch Kenges Rakishev and his Belgian business partner Shukhrat Ibragimov may seem unlikely partners. But their burgeoning “romance,” which began with a struggling Canadian instant noodle business, has blossomed in recent weeks with the acquisition of a struggling coal mine. Rucriminal.info has the details.

But their unexpected “courting” is puzzling. First, it raises questions about why the newly appointed chairman of the Eurasian Resources Group (ERG) has become so close to a toxic oligarch whose friends include the bloodthirsty leader of Chechnya, Ramzan Kadyrov.



Not to mention the blatant conflict of interest evident in their latest deal: the new Shubarkol Premium mine is located just yards from a direct competitor, Shubarkol Komir, owned by none other than ERG.

ERG is currently in a state of panic, fueled by concerns that Rakishev was promised a leadership role in the company as part of a “deal with the devil” that helped the naive Ibragimov become chairman.

In 2023, in an apparent quid pro quo, Rakishev’s father-in-law, Imangali Tasmagambetov, backed Ibragimov as ERG’s next chairman. In return, the Belgian billionaire invested US$23 million in Rakishev’s Borealis Foods Inc. The investment earned him a 15.1% stake in the company, as well as a seat on the board.

However, Ibragimov, the son of the late Alijan Ibragimov, is unlikely to see the money again, given the company’s current financial problems. Worse, the deal has also brought reputational damage: some of Ibragimov Jr.’s Western partners were even taken aback by the new partnership between Ibragimov and Rakishev, given the latter’s close friendship with Kadyrov, the Kremlin-backed, blood-soaked leader of Chechnya whose armed forces played a key role in Putin’s invasion of Ukraine. Ignoring all these “minor” concerns, Ibragimov and Rakishev launched a series of biased press releases in the Kazakh press, announcing their joint ownership of the Shubarkol Premium mine with its previous owner and fellow oligarch Timur Kulibayev. Before the ink had even dried, rumors began to circulate claiming that Ibragimov had struck a deal that would give Rakishev a seat on ERG’s board of directors.



According to a Rucriminal.info source, Ibragimov and Rakishev acquired the troubled mine for next to nothing, suggesting that there was some kind of backroom deal going on.

Other observers are puzzled by the apparent conflict of interest: historically, ERG has something of a monopoly on the Shubarkol coal deposit in Karaganda. By acquiring Shubarkol Premium, Ibragimov appears to be directly challenging his own company. However, some are wondering if this deal is a clever plan to limit production at Shubarkol Premium and then raise the price of coal, which would greatly benefit ERG's earnings.

In either situation, Ibragimov seems willing to get his hands dirty...

Alexey Ermakov

Source: www.rucriminal.info

The most shy oligarch of Kazakhstan

Attended Putin's live broadcast

As the new owner of the luxurious Italian resort Forte Village, Shukhrat Ibragimov has long been drawn to the most exquisite blessings of life. For years, this shy Kazakh oligarch inexplicably remained unnoticed by the public - despite owning a private jet, a luxurious luxury yacht and enviable real estate in Dubai. Ibragimov bought Forte Village from the sanctioned Russian oligarch Musa Bazhaev in exchange for giving 40% in the Kyrgyz Alliance Altyn. Here is a photo of Shukhrat with Musa at the opening of the mine, during which Putin was directly involved. Details at Rucrnimial.info.



Until now, Ibragimov was known as the son of Alidzhan Ibragimov, the late Kazakh oligarch who was part of the “trio” that owned commodities giant Eurasian Group (ERG).

However, the news that in 2023 Ibragimov secretly became the owner of the Forte Village resort in Sardinia worth 700 million euros attracted close attention to him. The acquisition is all the more curious because Ibragimov received the keys to the hotel shortly after the previous owner, Russian oil magnate Musa Bazhaev, came under sanctions from the European Union and the United Kingdom. Apparently, in exchange for the resort, Ibragimov gave Bazhaev control of a lucrative Kyrgyz gold mining enterprise.

Ibragimov seems to have adopted his father's taste for the trappings of wealth. The crown jewel of his rich portfolio is I Dynasty, a $200 million, 86-metre superyacht with a swimming pool and cinema that can accommodate up to 22 people. According to records kept by the Cayman Islands Shipping Registry, the vessel, registered in 2015, is wholly owned by VegaYachts & Partners Limited, a British Virgin Islands-registered company. In turn, the directors of VegaYacht are Ibragimov and two nominee directors from Panama.

Ibragimov, it turns out, is also the proud owner of a private jet worth $46 million. Investigators on social networks established a connection between Ibragimov and the Dassault Falcon aircraft, with registration number OO-FAI. Flight records show it makes frequent flights to Almaty, Tashkent and Bishkek. Eagle-eyed observers have also noted that the luxury jet's registration appears to be a reference to Shukhrat's brother, Furkat Alidzhanovich Ibragimov. However, it looks like Shukhrat wants to upgrade to a more modern model, as records show the OO-FAI is currently on sale.

When he's not flying or traveling on the high seas, Ibragimov lives in exclusive apartments in Dubai, a tax haven and retreat home for Kazakh oligarchs. Singapore corporate records show he has ties to properties on Blue Waters Island. The $2.8 million apartment has its own private beach and is a stone's throw from the affluent Dubai Marina area.

In general, a good collection for an oligarch who has avoided close attention all these years. However, now everything will change, because now he has been exposed as the new owner of Forte Village...



To be continued

Alexey Ermakov

Source: www.rucriminal.info