Kazakhstan’s security service has arrested Nurlan Zhakupov, CEO of Samruk-Kazyna, the country’s sovereign wealth fund, on suspicion of corruption. Yelzhas Otynshiyev, Chairman of KTZ, Kazakhstan’s national railway firm has also been detained.
Kazakhstan’s National Security Committee, the country’s domestic intelligence agency, said the two men has been arrested on suspicion of corruption on Wednesday (11 November).
Kazakhstan’s Prime Minister Oljas Bektenov last week criticised the country’s sovereign wealth fund for delays in the implementation of investment projects, state news agency Kazinform reported.
Bektenov ordered the fund’s managers to strengthen oversight of deadlines compliance and to increase local procurement, according to Kazinform.
In late October, Beketenov dismissed Samruk-Energy Board Chairman Kairat Maksutov for insufficient oversight of the construction and commissioning of new energy plants.
Samruk-Energy, the country’s largest power generation firm, is owned by the Kazakh Sovereign Wealth Fund.
Zhakupov, 46, became the head of the Samruk-Kazyna fund in April 2023. Since May 2025, he has also headed the board of directors of KazMunayGas, Kazakhstan’s state oil and gas firm.
Otynshiyev became Chairman of the Board of KTZ in July 2026. KTZ is fully owned by the country’s sovereign wealth fund.
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