Recently, Urazaly Yerzhanov published a post in his Facebook account, in which he presented a slapdash product of his intellectual activity — a draft law Concerning Measures to Pound Through Consequences of Usurpation of Economic Power in the Republic of Kazakhstan by Nursultan Nazarbayev. We would rather call it not a draft law, but a declaration of intention.
Yerzhanov’s Draft Law
The author of the draft demands that Kazakhstan acknowledge the fact of usurpation of the State Governance and Administration by the former President Nazarbayev. How strange! Why would we need a whole new piece of legislature, when we have a Criminal Code?
If Yerzhanov and Abilov have some facts, not rumors, gossip and speculations from Internet, why don’t they bring offenders in court?
We entertained ourselves reading through names, owners of which, according to Yerzhanov and Abilov, were involved in that usurpation and major theft of state property.
The legal and judicial tradition of the mankind does not offer precedents of the kind. Is Mr. Yerzhanov a real law professional, as he likes to position himself, these days?
Of How Yerzhanov Tried to Usurp Nauryz Bank
Now, let us discuss “usurpation” and “lustration”. Yerzhanov forgot to put his own name in that list. Because it was Yerzhanov and his “thick as thief” friend Talgat Yermegiyayev, who deliberately brought the Nauryz Bank to bankruptcy.
Orazaly Yerzhanov, Talgat Yermegiyayev and Bakhytzhan Barmagambetov were share-holders of the bank, through LLP Nautyz Holding and LLP Zhas Ulan…
So, how possible is that – someone contribute USD 10 thousand into the capital of LLP Nauryz Holding and acquire control of a bank with the capital of USD 10 million and assets at USD 100 million?
“What is it? That is not only unjust in regards to other share-holders. They had no money to contribute into the charter capital of the bank, but they were very eager to rule. And because Yerzhanov was not satisfied with the post of a hired CEO, he invented that LLP scheme – the law would not allow for such a convoluted approach to a joint-stock company. So, he acquired control of the bank without investing in it personally. How can he accuse the whole world of numerous problems the bank faced, if he was the only person controlling it. Many of those interested in investing in the bank would refuse to do so, after seeing how the bank ownership schemed worked. They were offered to contribute, but the governance would still rest with Yerzhanov. Under such circumstances, their refusal was a natural thing to do ” — said the ex-Head of National Bank of Kazakhstan Grigoriy Marchenko with resentment.
Mr. Marchenko reported why he ceased communication with Yerzhanov. According to Marchenko, in 2001 a part of the National Bank building entrance was refurbished for USD 220 per 1 square meter. In line with that, the Bank leadership looked into reports of the refurbishment campaign of 1997, which activity was directed by Yerzhanov. Then, the Bank paid USD 716 per 1 square meter. The 3.5 time price difference could not but not alert Marchenko, and the Bank demanded that Yerzhanov submitted documental justification for that, which Yerzhanov failed to do.
Besides, it became known that in 1997, while being a National Bank Deputy CEO, Yerzhanov bought himself an elite apartment in the “Golden Square” of Almaty for USD 200 thousand.
“He did so without a single day of work, as a private businessman. And I know exactly how much he was earning, while working in the National Bank. The cost of that flat is a subject for a potential dispute, although I know the exact figure from a reliable source. As for USD 716 – that is a stubborn fact, nobody can disregard. How can you refurbish s building entrance for USD 716 per 1 square meter in 1997, and do the same in four years for the price three and a half times lower, although prices tend to grow…” – another round of resentment from the ex-CEO of the National Bank.
Mr. Marchenko shared information about another curious detail. In 1998, Yerzhanov was the Chair of the State Commission on Property Disposal. Some sources report, that it was then that Yerzhanov organized the privatization of several assets by his own private companies.
What does Mr. Yerzhanov have to say to that? Will he lustrate himself or will he seek Mr. Marchenko’s apology for attempted usurpation of power in a bank?
Read also the first part of «The Black Mark from Yerzhanov and Abilov».
To be continued…