Key Takeaways
- • Kazakhstan's National Security Committee (KNB) detained Yelzhas Otynshiyev, CEO of national railway operator Kazakhstan Temir Zholy (KTZ), and Nurlan Zhakupov, CEO of sovereign wealth fund Samruk-Kazyna, on Nov. 11, both suspected of a corruption-related offense.
- • The KNB has not disclosed further details of the pretrial investigation, and authorities have not confirmed any link between the detentions and reports of cash thrown from an Astana apartment window.
- • Social media videos and resident accounts describe banknotes, including apparent U.S. dollar bills, falling from around the 12th floor of the Atlant residential complex on Nov. 12, though the connection to the detentions remains unverified.
- • Zhakupov had led Samruk-Kazyna since April 3, 2023, and Otynshiyev had chaired KTZ since July 20, 2026, placing both posts under scrutiny at two of Kazakhstan's most significant state-linked institutions.
Summary
Kazakhstan's National Security Committee (KNB) detained Yelzhas Otynshiyev, chairman and CEO of Kazakhstan Temir Zholy (KTZ), the national railway operator, and Nurlan Zhakupov, CEO of sovereign wealth fund Samruk-Kazyna, on November 11. The committee said both are suspected of committing a corruption-related offense and that investigative proceedings are underway to establish the circumstances of the case. No further details of the pretrial investigation have been disclosed.
On the morning of November 12, residents of the Atlant residential complex at 5 Kunayev Street in Astana reportedly saw banknotes falling from around the 12th floor, with bags and scattered cash appearing in the courtyard. One resident described eight bags filled with money, while another said she saw money scattered before 9 a.m. and that it was gone within half an hour. Reports and videos circulating on social media suggest the cash, including what appeared to be U.S. dollar bills, was thrown from an apartment window. Social media users have linked the incident to the detentions, but authorities have not confirmed any connection. Footage later circulated purporting to show a search of Zhakupov's apartment.
Atlant is a business-class development built by BI Group between Kunayev and Saraishyk streets in Astana's Yesil district. Construction began in the second quarter of 2019, with the first phases completed in 2021. The complex comprises 12 buildings of eight to 21 stories and roughly 2,000 apartments, with prices starting at 933,000 tenge (about $2,000) per square meter according to Krisha.kz. The complex is within walking distance of the KTZ Tower and several Samruk-Kazyna offices.
Otynshiyev took over as KTZ chairman on July 20, 2026. He previously held positions at Samruk-Kazyna and its subsidiaries from 2009 to 2019, senior roles at the Kazakhstan Investment Development Fund (KIDF) from 2021 to 2023, and from April 2023 served as managing director for strategy and asset management and a member of Samruk-Kazyna's management board. Zhakupov was appointed Samruk-Kazyna CEO on April 3, 2023, after heading the management company of KIDF. His earlier career included roles at Eurasian Natural Resources Corporation, Chambishi Metals, Credit Suisse and Tau-Ken Samruk.
On the morning of November 12, residents of the Atlant residential complex at 5 Kunayev Street in Astana reportedly saw banknotes falling from around the 12th floor, with bags and scattered cash appearing in the courtyard. One resident described eight bags filled with money, while another said she saw money scattered before 9 a.m. and that it was gone within half an hour. Reports and videos circulating on social media suggest the cash, including what appeared to be U.S. dollar bills, was thrown from an apartment window. Social media users have linked the incident to the detentions, but authorities have not confirmed any connection. Footage later circulated purporting to show a search of Zhakupov's apartment.
Atlant is a business-class development built by BI Group between Kunayev and Saraishyk streets in Astana's Yesil district. Construction began in the second quarter of 2019, with the first phases completed in 2021. The complex comprises 12 buildings of eight to 21 stories and roughly 2,000 apartments, with prices starting at 933,000 tenge (about $2,000) per square meter according to Krisha.kz. The complex is within walking distance of the KTZ Tower and several Samruk-Kazyna offices.
Otynshiyev took over as KTZ chairman on July 20, 2026. He previously held positions at Samruk-Kazyna and its subsidiaries from 2009 to 2019, senior roles at the Kazakhstan Investment Development Fund (KIDF) from 2021 to 2023, and from April 2023 served as managing director for strategy and asset management and a member of Samruk-Kazyna's management board. Zhakupov was appointed Samruk-Kazyna CEO on April 3, 2023, after heading the management company of KIDF. His earlier career included roles at Eurasian Natural Resources Corporation, Chambishi Metals, Credit Suisse and Tau-Ken Samruk.
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