Kazakh despot's daughter, 41, splashed £220m fortune on London spree

Kazakh despot’s daughter, 41, splashed £220m fortune on £18m luxury jet and £8.75m mansion in London spending spree

  • Aliya Nazarbayeva moved $300 million of personal wealth out of Kazakhstan
  • She then went on spending spree, acquiring north London home and private jet
  • Spending has come to light after Ms Nazarbayeva fell out with financial advisors
  • She lodged a £165m claim in London accusing them of conspiracy to defraud
  • Spending comes amid violent protests in Kazakhstan over family’s wealth 

The daughter of the former president of Kazakhstan splashed her £220 million fortune on an £18m luxury jet and an £8.75m mansion in London during a spending spree after moving her fortune out of the country.  

Aliya Nazarbayeva, 41, purchased the home in Highgate, north London, with the aim of obtaining British residency, and a Challenger Bombardier jet after instructing two financial advisors to transfer money into offshore trusts and companies from Lichtenstein to the British Virgin Islands. 

The spree, which also included the acquisition of a $14m property in Dubai, took place in 2006.

However, the spending has come to light after Ms Nazarbayeva fell out with the two financial advisors – accusing them of dishonesty, misappropriation of funds, conspiracy to defraud, breaches of fiduciary duty and unjust enrichment, The Sunday Telegraph reports. 

She is the youngest daughter of Nursultan Nazarbayeva, 81, Ukraine president for 28 years to 2019, whose family is widely believed to have retained power despite his stepping down three years ago.

It comes as dozens have died and public buildings across Kazakhstan have been ransacked and torched in the worst violence experienced by the former Soviet republic in 30 years of independence.

Aliya Nazarbayeva purchased an £18m Challenger Bombardier luxury jet and an £8.75m mansion during a spending spree in London

Former Kazakhstan president Nursultan Nazarbayev (right) and Ms Nazarbayeva pictured together at a wedding in Spain in 2004

Protesters take part in a rally over a hike in energy prices in Almaty on January 5 over a hike in fuel prices

The unrest has been fuelled by public anger over Mr Nazarbayev and his family amassing a huge fortune while the vast majority of Kazakh residents struggle to get by amid a hike in fuel prices.

It had been rumoured that Ms Nazarbayeva sought to travel to Dubai with her father as he tried to flee the civil unrest and that she may use the property in London as a secure base. 

She is best known for modelling designer jewellery, promoting her clothing brand and owning a beauty spa in Almaty. 

Ms Nazarbayeva, though, sued the two financial advisors for £165m in London before the case was settled in a confidential agreement.

The family have long had financial links to the UK.

Last year, British police lost a High Court bid to force Mr Nazarbayev’s daughter and grandson to detail how they found the cash to buy three properties worth £80million in London. 

His son-in-law, meanwhile, also paid a £15million for Sunninghill Park, Prince Andrew’s former marital home, in 2007 – £3million over the asking price despite five years languishing on the market. 

Ms Nazarbayeva claims to have transferred $312 out of Kazakhstan after telling advisors it would be ‘dangerous’ to keep her fortunate there, according to High Court documents.

They also include claims from her wealth manager that she was a ‘politically exposed person’.

British Prime Minister Tony Blair (L) greets Kazakhstan’s President Nursultan Nazarbayev (R) in Downing Street, London November 16, 2000

Ms Nazarbayeva purchased a home in north London with the aim of obtaining residency in the UK

Ms Nazarbayeva disclosed to Malik Ishmuratov she had ‘sold some shareholdings’, ‘receiving approximately $325m’, in 2006.

Mr Ishmuratov subsequently introduced her to Denis Korotkov-Koganovich, another Kazakh wealth manager based in London.

Two years later, Mr Ishmuratov advised Ms Nazarbayeva to start the Alsarah Foundation in Lichtenstein and, by June, she had ‘agreed orally’ to entrust $150m in capital to the pair.

Mr Koganaovich then made several transfer totalling $312m to a company registered in the BVI.

However, when Ms Nazarbayeva’s relationship with the wealth managers broke down, she lodged a £165m claim against them, which has been settled in a confidential agreement. 

She claims the advisors had not followed her instructions, allegedly profited above their agreement and invested her money in transactions she had rejected. 

However, the pair denied the allegations and insisted they acted in her interests at all times.  

A spokesperson for Mr Ishmuratov and Mr Korotkov-Koganovich said: ‘The unfounded allegations against Mr Ishmuratov and Mr Korotkov-Koganovitch were denied, the claim defended, and an amicable settlement was reached.’

It comes as Tony Blair has faced renewed criticism over his dealings with the country’s regime.

Mr Nazarbayev’s authoritarian regime faced international criticism for human rights abuses and in 2011 Sir Tony’s consulting business Tony Blair Associates (TBA) took on a contract to advise the Kazakh government. 

The controversial deal saw Sir Tony face accusations that he had helped Mr Nazarbayev to ‘spin’ a massacre which saw security forces kill at least 14 during a protest over wages.  

The former British prime minister advised the Kazakh leader on how to deal with questions from the Western media about the 2011 shootings, and suggested passages to be inserted into a speech Mr Nazarbayev was giving at Cambridge University in 2012.

In a letter, he said: ‘These events, tragic though they were, should not obscure the enormous progress that Kazakhstan has made.’

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