Richest Man in Kazakhstan?
Apparently it could be Bulat Utermuratov, former advisor to the President, and former chief of staff. Forbes estimates he is worth US$1 billion but a bit of market dealing may make him $2 billion richer.
Glencore, a private Switzerland-based commodities trader, the biggest company you’ve never heard of, is a joint owner of KazZinc with Verny Capital, run by Utermuratov. Recently Glencore announced they would buy out Verny Capital’s 42.3% share for around US$3.2 billion, which would make Utermuratov around $2 billion (so they say). Now it looks like they’ll be trading cash for gold, by using the money to buy shares in Altyntau Gold, currently owned by Glencore and headed by Utermuratov’s son.
Business is apparently a good business.