Kazakhstan detains sovereign wealth fund and railway heads in corruption probe
Kazakh authorities have detained the heads of sovereign wealth fund Samruk-Kazyna and national railway operator KTZ over corruption suspicions, likely delaying KTZ's planned IPO.
Kazakhstan's Anti-Corruption Service under the National Security Committee detained Nurlan Zhakupov, head of the sovereign wealth fund Samruk-Kazyna, and Elzhas Otynshiev, head of the national railway company Kazakhstan Temir Zholy (KTZ), on November 11. Authorities suspect both officials of involvement in corruption-related crimes, alongside several other individuals. Specific details regarding the allegations and ongoing investigations remain undisclosed by law enforcement agencies.
The detentions come at a sensitive time for KTZ, which has been preparing for a dual initial public offering in London and Hong Kong. Analysts suggest the high-profile security operation and subsequent legal proceedings are expected to delay the rail operator's planned stock market debut.
Sources: Bloomberg, The Insider, Trend News Agency