Jusan Bank insists that it’s not affiliated with Nazarbayev clan

Jusan Bank denies any affiliation with the family of Ex-President Nursultan Nazarbayev.

According to the bank’s press service, many Kazakhstani media outlets and social media have reported that Nazarbayev allegedly controls the bank and its parent company Jusan Technology Limited in London.

«Neither Nazarbaev nor any member of his family is linked to Jusan Bank, its subsidiaries or its parent company. They are not shareholders and have zero control over the bank and JTL,» the bank said.

Jusan Bank highlights that its ultimate goal is to facilitate education in Kazakhstan and it is ready to take any measure needed to protect its business reputation.

As of July 1, 2022, 78.23% of the bank’s shares belonged to First Heartland Securities. Another co-owner of the bank is Galimzhan Yessenov (20.11%), who also owned Kazphosphate and ATFBank. The businessman acquired his share in Jusan Bank in exchange for 100% shares of ATFBank, which was merged with Jusan Bank in 2020. He is also the husband of Nazarbayev’s grand-niece Ayzhan Esim.

The final beneficiary of FHS is NU Generation Foundation, a non-commercial organization established to finance the Nazarbayev University and Nazarbayev Intellectual Schools. As of January 2021, the vast majority of FHS shares (67.5%) belonged to the Nursultan Nazarbayev Foundation.

Earlier this month Jusan Group shareholders said they want to receive $362 million in dividends. They have already taken $30.7 million from First Heartland Securities.