How much money will state companies give to the “People of Kazakhstan”?

In cyberspace, we ran into a fragment of a document that establishes the amounts to be paid by Samruk-Kazyna to the “Qazaqstan Halqyna/To People of Kazakhstan” Fund (The Fund).

Famous Kazakh political observer Daniyar Ashimbayev wrote in his Telegram channel:

“ There is a draft of the Rules of Samruk-Kazyna Appropriations to Qazaqstan Halqyna Fund, by which Rules, Samruk-Kazyna shall annually transfer not less than 7% of net profit generated by its companies to the said Fund.

Besides: “The number of appropriations into the Fund shall be set on basis of written requests from the Fund with the proper substantiation of demands. Within 20 (twenty) working days, following the receipt of a written demand, as indicated in Clause 4 of the Rules, Samruk-Kazyna shall take the steps towards the transfer of appropriations to the Fund’s accounts indicated in the written demand. Unclaimed appropriations shall remain at the disposal of Samruk-Kazyna until claimed by the Fund. Appropriations may be claimed by the Fund within 3 (three) years, following the reporting date”.

Now, how do we interpret the above?

In fact, the above step is unprecedented. Its mission is to re-direct that great stream of mineral revenues of the state into new spheres. Below are some well-known facts, that will help us evaluate the sense behind the dry and formal language of the Rules of Appropriation:

Joint-Stock Company Samruk-Kazyna — an investment holding company with the mission to increase the national welfare and ensure long-term sustainability for future generations. Founded in 2008 by the Edict of President Nursultan Nazarbayev.

Companies constituting Samruk-Kazyna:

Kazakhstan Railroads (100 %)
KazMunayGas (90%)
JSC Samruk-Energo (100%)
JSC Tau-Ken Samruk (100%)
LLP United Chemical Company (100%)
JSC KazAtomProm (75%)
JSC KEGOC (90%)
JSC Kazakhtelecom (51%)
JSC Samruk-Kazyna Construction (100%)
JSC Kazpost (100%)
LLP Samruk-Kazyna Invest (100%)
JSC Air Astana (51%)
JSC Qazaq Air (100 %)
LLP Samruk-Kazyna Contract (100 %)
LLP Samruk-Kazyna Business Service (100 %)

CEO: Almasadam Maidan-uly Satkaliyev.

The Qazaqstan Halqyna Fund was founded in January 2022. Its mission is a charity in addition to government support programs in the sphere of healthcare, education, social support, culture, and sports.

Chair – Bolat Zhamishev.

Anuar Nurpeisov