The shadow manipulator Galimzhan Yessenov: how the scandalous oligarch cleans the internet of the truth about Jusan Bank

20 марта 2026 г.

Kseniya Zhukova

In October, Galimzhan Yessenov once again appeared on the list of the country’s most influential entrepreneurs according to Forbes.kz.

The 41-year-old businessman Galimzhan Yessenov became the majority owner of Jusan Bank in August, according to the Telegram channel @Shishkin_like. However, the terms of the deal with Jusan Technologies Ltd. have not been disclosed to the general public. The story of Jusan Group’s return to Kazakhstan’s jurisdiction was covered in detail [here].

Earlier this summer, Yessenov also appeared among the owners of two other Kazakhstani companies — all connected to the controversial entrepreneur and popular coach Margulan Seissembayev.

First, the businessmen now officially jointly own the poultry giant “Alel Agro.” According to the latest company reports, both Yessenov and Seissembayev became affiliated persons of the company on August 8 this year.

Margulan Kalievich and his wife manage their shares through private companies Seimar Ltd and Agros Ltd. Yessenov, however, likely owns his shares directly, as no other legal entities appear in Alel Agro’s list of affiliated persons.

It is worth noting that over the past five years — from 2018 to 2022 — the enterprise received government subsidies totaling just over 19 billion tenge.

Second, since July 31 of this year, Yessenov personally became one of the owners of the poultry farm “Asyl Qus Agro.” On the same date, Seissembayev also acquired a share in the farm through his private company Seimar Ltd. The farm, valued at 2.4 billion tenge, was launched in 2016 and received a 1.3 billion tenge government loan.

Earlier, we provided a detailed overview of the rest of Yessenov’s business empire (part one, part two).

Yessenov and Asadel

In 2015, Seissembayev announced the establishment of his own private equity fund Asadel Partners PEF (registered in the UAE). There has never been any confirmed information about Yessenov’s connection to the fund, with only anonymous online sources mentioning him as an investor.

In 2016, Asadel Partners PEF reported acquiring a 30% stake in Alel Agro.

In March of this year, the fund of the same name (registered in Singapore) exited the list of major shareholders of the company. The fund was removed from the list of affiliated persons only by October 1 — in this updated list, Yessenov appeared, along with companies owned by Seissembayev and his wife.

We obtained an extract from the Singaporean register, which shows that today Asadel Partners PEF has six owners: Margulan and Saule Seissembayev, Erik Sultankulov, Anastasia Sulger, Narwal Ltd., and Fabiano Ltd.

It was not possible to verify whether Yessenov has any connection to Fabiano Ltd., registered in the UAE, through open sources. However, Narwal Ltd., registered in the British Virgin Islands, is indeed associated with the businessman — according to Pandora Papers, he was at least a previous ultimate owner.

What assets does Asadel hold in Kazakhstan?

A network of private schools, Tamos Education;
A plant for the production of soy, soymeal, and soybean oil “Uyzy May Industry” — built under the state industrialization program;
A feed mill “Agro Fit Kapshagay”;
An agricultural project Amal Bio (growing and selling apples and vegetables);
The investment fund Asadel Partners — owning LLP “AmalBio” and the agricultural cooperative “Zhetysu Baktary.”