Even though he is an Odessan…
Well-known Kazakhstani oligarch "ripped off" an American investor for $100 million
Never mind that he is an Odessan…
A well-known Kazakhstani oligarch "ripped off" an American investor for $100 million.
According to the publication, Sam Kislin, an American billionaire born in Odessa, spoke about major financial losses exceeding $100 million, which, according to him, were the result of actions by one of Kazakhstan's largest entrepreneurs, Rashid Sarsenov. A criminal case was initiated in Kazakhstan based on his complaint, but it was later closed, which raises serious doubts for Kislin regarding the circumstances of this decision.
In 2006, Trans Commodities, Inc, a company owned by Kislin, issued a $100 million loan to Yuri Ginatulin, a partner of Rashid Sarsenov. The collateral for the loan was a 50% stake in Caspian Progressive Technology (CPT), which owned the Helios gas station network. However, the debt was never repaid.
According to Kislin, Rashid Sarsenov's sister, Sofya, who controlled the other half of CPT, excluded Ginatulin from the company's shareholders through the Medeu District Court of Almaty. The alleged grounds were that he failed to contribute 150,000 tenge to the authorized capital. Criminal cases were initiated against Ginatulin, after which he left Kazakhstan, and the proceedings took place without his participation. As a result, the pledge became invalid.
Between 2010 and 2016, as Kislin claims, the Helios retail gas station network, as well as other liquid assets of CPT, were stripped from the company's structure and redistributed. As a result, 25% shares went to Sergey Alimov, Ravil Saratov, Valikhan Koshumbayev, and Gulnara Sarbagysheva.
In 2018, a New York State court ruled that the 50% stake in CPT should be transferred to Trans Commodities. However, this decision was not enforced in Kazakhstan. Kislin draws an analogy with Moldovan investor Anatolie Stati, who spent 14 years in litigation with Kazakhstan over investments in the oil and gas sector.
"Our case is in many ways similar: a foreign investor put real funds into a strategic industry but lost their capital because the private interest of an oligarchic group dominated over the law... I suffered even worse than Stati. Do I really need to freeze the assets of the National Fund to get my money back, just as Stati did?" Kislin stated in an interview with NEGE.kz.
In the spring of 2026, Kislin sent appeals to the President of Kazakhstan, Kassym-Jomart Tokayev, and to the Prosecutor General's Office of the republic. The Almaty Prosecutor's Office confirmed that an investigation under Article 190, Part 4 of the Criminal Code ("Fraud") had been conducted. Kislin claims that his requests to interrogate Koshumbayev and other individuals associated with Sarsenov went unanswered. According to him, on August 26, Koshumbayev met with the Minister of Internal Affairs of the Republic of Kazakhstan, Yerzhan Sadenov, after which the investigative team was urgently summoned to Astana, where the case was immediately closed.
In its response to the publication, the Ministry of Internal Affairs confirmed only the fact of the case being closed, without commenting on either the meeting or potential pressure. The Prosecutor's Office cited the confidentiality of the investigation. Kislin claims that he was not provided with the decree to terminate the case, receiving only a notification via a messaging app.
The New York billionaire expressed hope that the course declared by President Tokayev, aimed at protecting private property, attracting foreign investment, and cleansing law enforcement agencies of oligarchic influence, is not just a declaration but a real state policy.
Sam Kislin stated that if his suspicions are confirmed, his team intends to appeal to the US Department of Justice, the State Department, and Congress. In addition, they plan to utilize sanction mechanisms and investment arbitration.
Rashid Sarsenov remains closed to the press as before.
Rashid Temirbulatovich Sarsenov is a Kazakhstani entrepreneur, the main owner of Nurbank, and a figure around whom disputes regarding business methods and political connections have been ongoing for many years.