Arab Press

بالشعب و للشعب
Sunday, Mar 15, 2026

Kazakh despot's daughter went on London spending spree after moving $300m out of country

Kazakh despot's daughter went on London spending spree after moving $300m out of country

The daughter of the former president of Kazakhstan went on a spending spree in London after moving $300 million of her personal wealth out of the country. Aliya Nazarbayeva's purchases included a $25m private jet, an £8.75m house in Highgate and even a private bank.
Aliya Nazarbayeva instructed two professional financial advisers to buy palatial homes, a private bank and a luxury jet after transferring the money into a complex web of offshore trusts and companies stretching from Liechtenstein to the British Virgin Islands.

Her purchases included a $25m Challenger Bombardier private jet, an £8.75m house in Highgate, north London - meant to help her obtain British residency - and instructing her team to buy a $14m of property in Dubai, including a villa in the man made Palm Jumeirah island.

Details of the 2006 spending spree, revealed for the first time on Saturday, are likely to raise eyebrows in Kazakhstan, which has been hit by violent protests aimed at the country's increasingly maligned elite.

Aliya is the youngest daughter of Nursultan Nazarbayev, who was Kazakhstan's president for 28 years until 2019, when he took a backseat but controversially retained much of his power.

While he led the country during and after its Soviet years, a small minority amassed enormous wealth while many ordinary Kazaks struggled to get by.

He dramatically quit as head of the Kazakh Security Council on Jan 5 and was reportedly preparing to leave the country. Authorities on Saturday insisted Mr Nazarbayev was in the capital, named Nur-Sultan in his honour.

It was earlier rumoured that Ms Nazarbayeva was seeking to travel to Dubai with her father as he tries to flee the upheaval, and that she may hope to use London as a secure base.

Her spending spree in London, described by one expert as “staggering”, only came to light when she fell out with the two financial advisers, accusing them of dishonesty, misappropriation of funds, conspiracy to defraud, breaches of fiduciary duty and unjust enrichment.

Ms Nazarbayeva, 41, sued the pair in the High Court in London for £165 million before settling the case in a confidential agreement. Her advisers, described as reputable and respected financial professionals, denied all the claims. Details of the 2016 case have only just emerged.

Until now Ms Nazarbayeva - whose eldest sister Dariga owns £80m of property in London - was better known for modelling designer jewellery by Damiani, promoting her own couture clothes brand and owning a high-end beauty spa in Almaty, Kazakhstan’s largest city, as well as chairing a construction company.

On her Instagram account she frequently posts photos of herself with her father, who until his fall from power cultivated the image of “father of the nation”.

The Nazarbayev family have long established financial links with the UK. The Kazakh oligarch paid Prince Andrew £3 million more than the asking price for his marital home of Sunninghill Park in 2007.

Ms Nazarbayeva claimed she transferred $312m of her personal wealth out of the country after advisers told her it would be “dangerous” to keep her fortune there and that she should “hide” and “disguise” it in a network of offshore foundations and trusts, according to legal documents seen by The Telegraph.

Documents lodged with the High Court include claims that Malik Ishmuratov, a Kazakh wealth manager, told her “on many occasions that Ms Nazarbayeva was a politically exposed person (PEP)” and that it was “dangerous for her to keep her assets in Kazakhstan”.

In 2006, Ms Nazarbayeva “confided” to Mr Ishmuratov that she had “sold some shareholdings in Kazakh companies, receiving approximately $325,000,000”.

Mr Ishmuratov went on to introduce Ms Nazarbayev to Denis Korotkov-Koganovich, a Kazakh wealth manager based in London.

In 2008, according to court documents, Mr Ishmuratov advised Ms Nazarbayeva to set up the Alsarah Foundation, in Liechtenstein, “through which her funds were held and would protect and disguise her interest”.

By June 2008, Ms Nazarbayeva “agreed orally” with Mr Ishmuratov to entrust an initial $150,000,000 capital to him and Mr Korotkov-Koganovich, transferring the cash to Marstock Ltd, a company the wealth managers had registered in the British Virgin Islands.

This was the first of several large transfers from Ms Nazarbayev to the pair, eventually totalling $312m.

Ms Nazarbayev claimed that Mr Ishmuratov advised her that as a politically exposed person she wouldn’t be able to open a bank account and to get around the problem should simply buy a bank instead.

Allegedly on his recommendation, Ms Nazarbayeva directed Mr Ishmuratov to invest $108m in CBH Bank, an exclusive Swiss private bank, in return for a 51 per cent shareholding.

Her cash was also put into bonds, investment funds - including a London-based wine fund boasting valuable 18th and 19th century cognacs - and an Essex-based loans company aimed at borrowers with poor credit records.

But, when Ms Nazarbayeva’s relationship with Mr Ishmuratov and Mr Korotkov-Koganovich broke down, apparently under pressure from her father, she lodged a £165m [$233m] claim against them in the London High Court in March 2016.

She claimed that the two advisers had not followed her wishes and had allegedly profited over-and-above their 25 per cent profit agreement, as well as investing her money in transactions she had rejected, including a luxury development in the Bishop’s Avenue "billionaire’s row" in Hampstead.

She also accused them of misappropriating 75million Swiss francs, over half the money meant to buy the Swiss bank.

The pair denied the claims and maintained they had acted at all times in her financial interests.

Ms Nazarbayeva sought an injunction stopping any further dealings with her assets and seeking payment of damages and compensation, with interest. The claim was subsequently settled in a confidential agreement.

While there is no suggestion that Ms Nazarbayeva’s money was acquired unlawfully, Kazakhstan commentators say the revelations raise questions about the way her wealth was moved out of the country.

Tom Mayne, a visiting fellow at Chatham House and research fellow at Exeter University with detailed knowledge of Kazakhstan, said: “This raises many questions as to Aliya Nazarbayeva’s business dealings in Kazakhstan. The amount of money is staggering.

“This case shows how the UK is often used as a safe haven for this kind of money. People who have taken to the streets in Katakhstan look around and see the family of Nazarbayev have multi-million pound houses and millions to invest in what they want.”

Ms Nazarbayeva did not respond to a request for comment.

A spokesman for Mr Ishmuratov and Mr Korotkov-Koganovich said: “The unfounded allegations against Mr Ishmuratov and Mr Korotkov-Koganovitch were denied, the claim defended, and an amicable settlement was reached.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ in Major Push for Data-Driven Economy
Saudi Arabia’s 2018 Budget Signals Strong Push for Non-Oil Economic Growth
Pakistan Envoy in Riyadh Says Regional Diplomacy Intensifying to Prevent Wider Middle East War
Saudi Arabia Intercepts Dozens of Drones as Regional Strikes Kill Two in Oman
Saudi Arabia Redirects Oil Exports to Red Sea Ports as Strait of Hormuz Tensions Escalate
Saudi Arabia Intercepts Missile and Drone Barrage as Regional Conflict Intensifies
Iran Expands Drone and Missile Campaign Across Gulf as Conflict With US and Israel Intensifies
Muslims Worldwide Await Saudi Moon Sighting to Confirm Eid al-Fitr 2026 Date
F1 Calendar Faces Major Disruption as Middle East Conflict Threatens Bahrain and Saudi Races
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Saudi Arabia Slashes Oil Output as Strait of Hormuz Crisis Cuts Deep Into Gulf Revenues
Saudi Arabia’s Cultural Scene Presses Ahead as Nation Navigates Regional War
Saudi-Pakistan Defence Pact Faces Real-World Constraints as Iran War Escalates
Saudi Arabia Offers Two Million Barrels of Crude From Red Sea as War Disrupts Gulf Exports
Formula One Faces Tens of Millions in Lost Revenue if Bahrain and Saudi Arabia Races Are Cancelled
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Middle East War
Saudi Arabia Downs Dozens of Iranian Drones in Major Defensive Operation
Saudi Arabia Cuts Oil Output by About Twenty Percent as Iran War Disrupts Gulf Energy Flows
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Iran War
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Saudi Arabia Launches Royal Institute of Anthropology to Examine Social Transformation
Pakistan’s Prime Minister Shehbaz Sharif Arrives in Saudi Arabia for High-Level Talks
Saudi Aramco Turns to Ukrainian Drone Interceptors to Shield Oil Infrastructure from Iranian Threats
UK Foreign Secretary Travels to Saudi Arabia to Reinforce Support for Regional Allies
Rising Iran Conflict Casts Shadow Over Saudi Arabia’s $38 Billion Gaming Industry Ambitions
Iran Launches Missile and Drone Strikes Across Gulf as Oil Prices Surge Past $100
Saudi Air Defences Destroy Three Drones Targeting Strategic Shaybah Oil Field
Debate Grows Over Saudi Arabia’s Role in Sudan War Amid US Alliance Questions
Pakistan’s Prime Minister Travels to Saudi Arabia After Discussions With Iranian Leadership
Two Strategic Pipelines Allow Saudi Arabia and the UAE to Bypass the Strait of Hormuz
US Deploys Bunker-Buster Bombs to UK Airbase as Iran Conflict Intensifies
Iran warns of $200 oil as forces target merchant ships in Gulf
Japan to Release 45 Days of Oil Reserves Amid Iran Conflict
Three Commercial Vessels Attacked Near Strait of Hormuz, Thai-Flagged Ship Damaged and Crew Evacuated
Saudi Red Sea Oil Exports Set for Record in March as Kingdom Reroutes Crude Amid Hormuz Crisis
Saudi Arabia Seeks Belgian Military Support After Iranian Missile Attacks
Saudi Arabia Welcomes US Decision to Designate Sudan’s Muslim Brotherhood as Terrorist Organisation
Saudi Aramco Plans Dual Gulf and Red Sea Export Routes as Iran Crisis Disrupts Oil Shipments
Saudi Cabinet Condemns Iranian Attacks and Reaffirms Kingdom’s Right to Defend Its Sovereignty
Ukraine Deploys Counter-Drone Teams to Gulf States as Iranian Drone Threat Expands
Bahrain Grand Prix Faces Uncertainty as Saudi Arabia Works to Keep Formula One Race on Track
Saudi Arabia Faces New Strategic Dilemma in Yemen as Regional War Reshapes Calculations
OPEC Confirms Saudi-Led Oil Output Increase as Iran War Disrupts Global Energy Markets
Pakistan Pledges Rapid Support for Saudi Arabia Amid Escalating Middle East Tensions
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
Aramco Warns Global Oil Market Faces ‘Catastrophic’ Shock if Strait of Hormuz Remains Closed
×