Mihai Craiu

• Balint (BNR): “Rumanía está experimentando un milagro económico”
• En una década, el PIB per cápita se ha acercado muy rápido a la media de la UE…
• … por el contrario, el PIB per cápita de España se ha estancado o incluso retrocedido

La economía es caprichosa y el siguiente ejemplo real lo corrobora. Corría el año 2012. España se encontraba inmersa en una crisis histórica, la tasa de paro superaba el 20% y encontrar un trabajo era casi más difícil que ganar la lotería. Sin embargo, en ese justo momento, la población rumana que había llegado a España buscando un futuro mejor marcaba máximos. Año 2025: contra todo pronóstico y mostrando cómo la economía puede cambiar en unos pocos años, las empresas españolas tienen cada vez más problemas para encontrar determinados trabajadores en el mercado laboral. Frente a lo que sucedía en 2012, los ciudadanos rumanos están marchándose en desbandada, lo que puede agravar la escasez de mano de obra de España. El buen hacer de la economía rumana, el envejecimiento de la primera oleada migratoria y el lúgubre futuro que le depara a la economía española están generando esta peligrosa tendencia para el mercado laboral español. El 30% de los rumanos que residían en España se han marchado en unos pocos años, además, según los economistas, “una buena parte son los perfiles más preparados”. Perfiles con una cualificación media o medio-alta que desempeñaban algunos de los trabajos manuales más demandados en la actualidad.

Desde 2012 hasta los últimos datos publicados por el Instituto Nacional de Estadística (en 2022), la población rumana en España ha descendido en más de 250.000 personas. En 2012, tocó techoel influjo agregado de ciudadanos de ese país que rozó los 900.000. En la actualidad, los rumanos en España apenas superan los 620.000, según los últimos datos del Instituto Nacional de Estadística. El acusado descenso no ha terminado y es una auténtica pena que el tejido productivo español no haya podido retener a una población que comparte importantes lazos culturales, que se había integrado casi a la perfección y que presentaba una cualificación notable, sobre todo las segundas generaciones.

Stefan Posea, economista de ING, señala en declaraciones a elEconomista.es que “los datos recientes del Instituto Nacional de Estadística de Rumanía indican que se han producido flujos netos positivos de residentes. Creemos que la peor fase de las tendencias de emigración entre los rumanos nativos probablemente ya ha pasado y que cada vez más rumanos que viven en el extranjero están regresando a su país, siendo un factor clave el aumento del nivel de vida en el país”, explica este experto.

Los rumanos vuelven a casa pese a todo

Los rumanos están volviendo a casa. Es cierto que en las últimas semanas Rumanía ha ocupado los titulares de prensa por su crisis política. La decisión del Tribunal Supremo de anular unas elecciones en las que en la primera vuelta había vencido un candidato outsider del sistema y con simpatías hacia Rusia y Donald Trump ha conmocionado a la opinión pública y nublado un poco más las perspectivas económicas en la medida en las que las tradicionales fuerzas políticas se han visto zarandeadas y hace falta estabilidad para abordar los restos fiscales. Pero este contexto no tapa la historia de éxito económico de Rumanía en las últimas décadas, coronada con una buena noticia reciente opacada por el terremoto político: su adhesión este 2025 al espacio Schengen de libre circulación entre países de la UE.

“Las tensiones políticas en Rumanía se producen en el contexto de una generación o más de transformación general con éxito tras décadas de régimen comunista. El dictador comunista Nicolae Ceausescu -máxima autoridad del país durante más de 20 años- era represivo y económicamente incompetente, incluso para los estándares comunistas. Cuando los rumanos derrocaron su régimen en una rápida (y violenta) revuelta en diciembre de 1989, Rumanía era uno de los países más pobres de la Europa dominada por los soviéticos. Ahora ya no. Tras unos comienzos lentos, las reformas de libre mercado de Rumanía dieron sus frutos. Su economía se ha cuadruplicado desde 1989 y ha ingresado en la OTAN y la UE”, destaca Daniel Fried, exembajador de EEUU en Polonia en un análisis para el think tank Atlantic Council.

Un análisis reciente del banco central del país revela que el PIB per cápita de Rumanía, medido en paridad de poder adquisitivo en relación con el promedio de la UE, ha aumentado desde representar tan solo el 25% a principios de los años 90 a casi el 80% en la actualidad, alcanzando a sus pares de Europa central y oriental (CEE), Polonia, Eslovaquia y Hungría. Por el contrario, el de España se ha atascado en los últimos años.

El milagro económico de Rumanía

En las últimas tres décadas, Rumanía ha experimentado un “milagro económico”, logrando un crecimiento económico notable y transformándose en una economía de desarrollo medio, según ha declarado Csaba Balint, miembro de la junta directiva del Banco Nacional de Rumanía (BNR), en un artículo titulado ‘La ‘Edad de Oro’ económica de Rumanía: la percepción pública frente a la realidad en números’.

Además, la fuerza laboral de Rumanía es ahora tres veces más productiva que en 2000, aseguraba Balint. Rumanía ahora tiene una de las tasas de convergencia más aceleradas de Europa después de casi un siglo y medio de subdesarrollo y de lucha contra los desafíos tras la transición desde una economía centralizada a una de mercado. ¿Cómo fue posible este espectacular progreso en los últimos 20-25 años? La respuesta corta es: la integración europea, asegura el banquero central.

“La integración en la Unión Europea dio a Rumania acceso a un vasto mercado común, fondos estructurales y oportunidades de inversión sin precedentes. La adopción de estándares europeos, la implementación de reformas estructurales y el fortalecimiento de las instituciones democráticas fueron elementos clave en este proceso”, añade el experto del banco central.

Según la teoría económica, el crecimiento se basa en dos elementos fundamentales: la contribución de la fuerza de trabajo (número de empleados y horas trabajadas y la productividad laboral. Esta última está determinada por el capital (equipos, fábricas, infraestructura) y la productividad total de los factores (PTF), una medida de la eficiencia del uso de los recursos económicos, que refleja la innovación, el progreso tecnológico y la calidad de la gestión. “La integración europea ha permitido que la fuerza laboral rumana sea aproximadamente tres veces más productiva hoy en día en comparación con principios de este siglo, desbloqueando un enorme potencial de crecimiento”, asegura el miembro del banco central de Rumanía.

Un cambio radical

La transformación de Rumanía de una economía cerrada a una economía de mercado abierta nos ha permitido participar en el comercio internacional e integrarnos en las cadenas de valor globales. Este camino ha traído consigo desafíos y una intensa competencia, pero el impacto positivo en la economía es innegable. Además, los fondos europeos han apoyado reformas esenciales e inversiones en infraestructura y servicios públicos, contribuyendo directamente al crecimiento económico. La inversión extranjera directa (IED) también ha desempeñado un papel decisivo, proporcionando capital y aumentando la productividad total de los factores a través de la transferencia de tecnología y experiencia gerencial, elementos indispensables de una economía moderna, asegura este experto.

El economista de ING Stefan Posea aclara que “hay pruebas de que los inmigrantes rumanos cualificados están regresando a los centros urbanos. Además, un aumento significativo de los inmigrantes a Rumania, especialmente del sudeste asiático, ha contribuido a los flujos netos positivos de residentes… aunque todavía hay más rumanos que abandonan el país que los que regresan… la situación es definitivamente más equilibrada ahora en comparación con los años anteriores”, asegura el experto. Muchos de los que abandonan España tenían formación en fontanería, carpintería, electricidad, albañilería… perfiles que se demandan con gran intensidad en la actualidad.

No obstante, “para la diáspora rumana, unos servicios públicos de mayor calidad en el extranjero podrían seguir siendo más importantes que unos ingresos mejores a la hora de considerar regresar o emigrar. El desarrollo regional desigual en Rumania sigue siendo una barrera importante para quienes solo consideran su ciudad o pueblo natal como una opción para el retorno. En general, si bien hay algunos casos de retorno de rumanos, todavía no se trata de una tendencia extremadamente generalizada, ya que todavía existen muchos factores limitantes”, sentencia este experto.

Más crecimiento en el corto plazo

Pero Rumanía sigue creciendo, lo que puede incrementar aún más esta tendencia. El economista de ING aclara que hoy en Rumanía los principales factores que han impulsado la expansión del PIB son, en general, un fuerte apetito de los consumidores, una política fiscal expansiva y el aumento de las inversiones.

“El consumo privado se ha visto generalmente respaldado por tasas saludables de crecimiento de los salarios y las remesas. En la industria y los servicios, los sectores automovilístico y de las tecnologías de la información han sido los principales impulsores del crecimiento. Más recientemente, una visible aceleración de las mejoras de la infraestructura también mejorará el potencial productivo”, apunta Stefan Posea.

Más allá de los rumanos que vuelven a su país por la mejora de las condiciones económicas, también están los que deciden regresar para vivir allí la jubilación. Así lo destaca Flavia, coordinadora de la Asociación Hispano-Rumana Salva, que explica en declaraciones a elEconomista.es que existen otros factores relevantes que explican esta ‘fuga’ de rumanos de España. Por un lado, muchos de los ciudadanos que llegaron en la primera oleada migratoria han comenzado a jubilarse o están llegando a la etapa final de sus carreras laborales. “Cuando llega ese momento son muchos los que deciden volver a Rumanía, a sus pueblos o sus regiones de origen, donde suelen tener una casita y familia”. Esta experta matiza y asegura que aunque la economía ha mejorado, Rumanía todavía siguen siendo un país relativamente pobre de Europa.

Por otro lado, los datos de la Seguridad Social española plantean una radiografía radicalmente opuesta, en apariencia, a la del censo: desde 2012, los afiliados medios de nacionalidad rumana han aumentado un 24%, pasando de 266.433 a 336.599. Sin embargo, una lectura más profunda de las cifras arroja claves que no solo reducen la eliminación, sino que confirman que ambas estadísticas cuentan una historia similar.

La discrepancia entre el número de ciudadanos rumanos y el de afiliados se explica por dos razones: la primera es la volatilidad de los empleos de estos trabajadores, que los datos de la Tesorería de Seguridad Social no recogen tan claramente. Ello contribuye a que aparezca diferencia entre trabajadores en alta y población. La segunda es el empleo sumergido.

Pero, además, los datos demuestran un elevado retroceso de los trabajadores de menos de 35 años, que ha caído un 47%, pasando del 50% al 22% del total, mientras los de más edad han aumentado. ¿Qué significa esto? Que no llegan nuevos trabajadores, sino que los que llegaron hace unos años y se han estabilizado han ido accediendo a mejores empleos, el resto vuelve a sus países. Eso explica también que la brecha entre censo y afiliación se haya reducido.

También hay otro factor menos importante, pero también destacable, que son los rumanos que se marchan a otros países de la Unión Europea, donde los salarios son más altos y las oportunidades laborales mayores que en España, como puede ser el caso de Suiza o Alemania, sentencia la experta.

TEL AVIV/CAIRO, Jan 18 (Reuters) – Israel approved a ceasefire deal with Palestinian militant group Hamas on Saturday that involves releasing hostages in the Gaza Strip, and Israeli forces carried out new attacks in the enclave before the agreement’s scheduled start on Sunday.

The three-phased agreement is set to halt a 15-month-old war between Israel and Gaza’s rulers Hamas that has decimated the Gaza Strip, killed tens of thousands of Palestinians and destabilised the Middle East.

The war was triggered by Hamas’ Oct. 7, 2023 attack on southern Israel in which 1,200 people were killed and more than 250 taken hostage, according to Israeli tallies. More than 400 Israeli soldiers have been killed in combat in Gaza since.

The Israeli cabinet ratified the ceasefire deal which is meant to stop fighting and see the release of dozens of hostages held by Hamas in return for scores of Palestinians jailed in Israel. Its first stage will last six weeks.

Prime Minister Benjamin Netanyahu said that Israel was still waiting for a list of hostages to be released and reserved the right to resume the war, with U.S. backing, should the second stage of the ceasefire prove futile.

“If we must return to fighting we will do that in new, forceful ways,” Netanyahu said in a video statement.

In Gaza, Israeli warplanes have kept up attacks since the deal was agreed, and pounded the territory on Saturday.

Israeli tanks shelled Gaza City and airstrikes hit central and southern Gaza, residents said. Medics in Gaza said five people were killed in an airstrike that hit a tent in the Mawasi area, west of the city of Khan Younis.

The Israeli military said that since Friday it had struck Hamas and Islamic Jihad fighters who were among 50 “terror targets” it hit across Gaza.

Nearly 47,000 have been killed since the start of the war, according to the Palestinian health ministry, including 123 killed in Israeli strikes since the ceasefire deal was announced on Wednesday, according to emergency services.

COUNTDOWN

In Tel Aviv, a large clock at the so-called Hostage Square by Israel’s defence headquarters was still counting the days, hours, minutes and seconds since the hostages were taken. Protests for their release have been held there regularly since.

Hundreds gathered there on Saturday night, marking the second birthday of the youngest hostage, Kfir Bibas.

Images of his terrified mother Shiri surrounded by Palestinian gunmen and clutching her two young red-haired sons moments before they were dragged off to Gaza began circulating soon after they were seized. Father Yarden was also abducted.

“Today I tried to write a birthday message for his second birthday, for the second time, for a child who cannot celebrate, a child who isn’t here, a child who might not even be alive. But no words came, only tears,” said Ofri Bibas, Kfir’s aunt.

The Gaza ceasefire will come into effect at 0630 GMT on Sunday. The White House expects three female hostages to be released to Israel in the afternoon through the Red Cross.

Thirty-three of the 98 remaining Israeli hostages, including women, children, men over 50 and ill and wounded captives, are to be freed in the first phase of the ceasefire. In return, Israel will release almost 2,000 Palestinians from its jails.

They include 737 male, female and teen-aged prisoners, some of whom are members of militant groups convicted of attacks that killed dozens of Israelis, as well as hundreds of Palestinians from Gaza in detention since the start of the war.

Israel’s Justice Ministry published their details early on Saturday, along with the ceasefire agreement, which said 30 Palestinian prisoners would be released for each female hostage on Sunday.

After Sunday’s hostage release, lead U.S. negotiator Brett McGurk said, the accord calls for four more female hostages to be freed after seven days, followed by the release of three further hostages every seven days thereafter.

With the Gaza accord opposed by some Israeli cabinet hard-liners, media reports said 24 ministers in Netanyahu’s coalition government voted in favour of the deal while eight opposed it.

One of them was far-right police minister Itamar Ben-Gvir, who said his party’s ministers will submit resignation letters on Sunday.

MISSILES

The Gaza conflict caused shockwaves across the region, triggering a war with the Lebanese Hezbollah movement and bringing Israel into direct conflict with Iran for the first time.

The Yemeni Houthis, also backed by Iran, have carried out hundreds of attacks on what they say are Israeli-linked cargo ships travelling via the Red Sea and fired missiles at Israel, which has retaliated with airstrikes in Yemen.

At least two missiles were fired from Yemen on Saturday, the Israeli military said, setting off air raid sirens in Tel Aviv, Jerusalem and the southern resort town of Eilat before they were intercepted.

In Tel Aviv, a Palestinian man stabbed and wounded one person, police said, before he was shot by a passerby. His condition was not immediately clear.

Toatā lumea dezbate si critică ce conține ordonanța „trenuleț”. Nimeni nu vorbește ce anume NU conține.

Pe vremea prea stimabilei ministrese Sorina Pintea, pentru a nu văduvi spitalele private de fondurile publice, sub umbrela generoasa a sintagmei „banii urmăresc pacientul”, s-a decis ca spitalele private sa poată beneficia de decontarea serviciilor de către Casa Națională de Asigurări de Sănătate, la același tarif si in aceleași condiții ca decontarea pe care o aveau spitalele publice.

Superb! Deci pacientul românesc, indiferent de unde este, de unde vine, ce condiție sociala sau financiara are, poate beneficia de serviciile deosebite oferite de spitalele private.

Cu o condiție. Să suporte o coplată. Nu mică. Întrebarea este: pentru ce?

Răspunsul este simplu:

1. Pentru ca beneficiază pacientul romanesc de condiții excepționale de cazare si hrană
2. Pentru ca spitalele private nu ar putea supraviețui cu tarifele decontate de la CAS – asa cum supraviețuiesc spitalele publice –
3. Pentru ca chiar dacă supraviețuiesc vor sa facă profit mai mare, prin bani publici.

Chiar conducerea tuturor spitalelor private sunt de acord ca tariful decontat de CAS este sub prețul corect al serviciului medical spitalicesc (si nu numai ).

Aici suntem cu toții de acord. Public si privat.

Pai si atunci sa nu ne întrebăm:

• Cum supraviețuiesc spitalele publice daca produc servicii medicale sub costul real al prestației ?
• De ce nu sunt lăsate si spitalele publice sa întregească costul prestației medicale la tariful corect, solicitând si ele coplata ? Nota Bene: exista spitale publice in Romania care din punct de vedere al condițiilor hoteliere si al serviciului medical bat multe spitale private.
• Nu cumva lobby-ul puternic al companiilor care stau in spatele spitalelor private, au obținut aceasta victorie financiara in detrimentul spitalelor publice?

Nu pot spitalele private sa supraviețuiască fără fondurile CAS ?

Ba da. Dar profitul nu ar fi la fel de mare.

Asta este unul din lucrurile care lipsește din celebra ordonanță. Dacă tot e austeritate, de ce să nu dam spitalelor publice fondurile care acum merg spre spitalele private ?

Răspunsul cred ca-l găsim în linkul: https://ro.wikisource.org/wiki/Cîinele_și_cățelul

LVMH, the French luxury conglomerate headed by Bernard Arnault, has completed its latest major acquisition, but instead of an exclusive fashion brand or jewellery marque, the multinational company has purchased a €46.5 million villa in Cannes. The stunning property is set to become a hub for high-end events and experiential branding.

French luxury conglomerate LVMH has acquired Villa Bagatelle, a historic Art Deco property in Cannes, for approximately €46.5 million, according to Bloomberg. The sale is believed to have been finalised in April and was reportedly brokered by Magrey & Sons.

Built in 1928, the villa boasts 12 bedrooms, three swimming pools—two outdoor and one indoor—and expansive terraced gardens overlooking the Mediterranean. LVMH, which owns brands such as Louis Vuitton, Christian Dior, and Moët & Chandon, is expected to use Villa Bagatelle to host exclusive events during Cannes’ flagship festivals, from Cannes Lions to the world-famous Film Festival. The villa will also be rented out during the summer months, when the French Riviera becomes a magnet for affluent tourists.

Cannes, located around an hour from Monaco, is a prime location for high-profile marketing opportunities, given its reputation for hosting large-scale, sophisticated events. The city and its glamorous neighbourhoods, such as La Californie and Super Cannes, are also home to an incredible mix of modern and Belle-Époque properties, making Cannes a key destination for high-end real estate.

LVMH’s acquisition reflects a growing trend among luxury and fashion companies of investing in real estate for experiential marketing. In 2023, LVMH spent €2.45 billion globally on real estate acquisitions, primarily for retail spaces, but also including premium residential and hospitality properties.

The move aligns with LVMH’s broader push into entertainment, announced earlier this year, which aims to enhance brand visibility through premium film, television, and audio productions.

With 2025 just around the corner, the Principality’s world-class venues are preparing to host a series of unforgettable New Year’s Eve celebrations that will blend fine dining with top-quality entertainment and that classic Monaco glamour. 

From extravagant gala dinners to lively parties in iconic nightclubs, here is Monaco Life’s ultimate guide to welcoming in the New Year in style. 

A feast to remember 

Let us start with Mayabay, which is bringing back its festive Lantern Night celebration for New Year’s Eve. Beginning at 8pm, the evening will feature a lively DJ set, captivating performers and a vibrant atmosphere, with a minimum spend of €350 per person. For reservations, call +377 97 70 74 67. 

Further along Larvotto, Cipriani is hosting a gala dinner on 31st December, offering festive entertainment and a specially tailored menu. Guests can expect an elegant evening in a refined atmosphere to mark the transition into the new year. Reservations can be made here.

For a dinner that transitions into a party, Gaia restaurant and NYX Monte Carlo are presenting The Modern Ball of the Season. The evening begins at 8.30pm with an indulgent feast at Gaia, featuring a New Year’s Special menu alongside à la carte options, before the festivities move to NYX for an exclusive after-party. Guests can expect captivating live DJ sets, curated cocktails and an intimate yet dynamic atmosphere that will carry the celebrations into the early hours of 2025. The theme calls for classic elegance, with formal tuxedos for gentlemen and floor-length gowns for ladies. To reserve, contact [email protected] or call +377 99 92 33 36.

On the way to the Place du Casino, Buddha-Bar is planning an Asian-inspired New Year’s Eve celebration, with dinner at its lounge priced at €450 per person, and dinner at the main restaurant priced at €490 per person, both including half a bottle of champagne. The evening will feature DJ performances and an evolving atmosphere as the night progresses. To book, call +377 98 06 19 19. 

In the Place du Casino, the Café de Paris is hosting a New Year’s Eve dinner for €450 per person, with musical entertainment to enhance the experience. Guests can also return the day after for a New Year’s lunch in the iconic brasserie setting. For more information, click here.

Above the Café de Paris, Amazónico will be celebrating its first New Year’s Eve in the Principality with exclusive menus, signature cocktails and live DJ sets. An early dining option is available from 6pm to 8pm, perfect for those planning to continue their celebrations elsewhere later in the evening. Call +377 98 06 14 14 to make a reservation. 

Down in Port Hercule, the Quai des Artistes will host a festive New Year’s Eve dinner priced at €275 per person, excluding drinks. The menu features dishes such as foie gras ravioli, a selection of seafood and turbot with champagne and caviar sauce. Live music by Emily Johnson will enhance the celebratory atmosphere in this refined venue. For reservations, click here.

Right next to Quai des Artistes, Marius will offer a refined New Year’s Eve menu for €160 per person. Highlights include warm Monaco oysters, foie gras with black truffles, poached turbot, roasted beef tournedos and indulgent desserts like flambéed Baked Alaska and chocolate soufflé. For reservations, call +377 97 97 95 95.

Dance into 2025 

Twiga Monte Carlo promises an evening of dining and entertainment, starting with a set menu and a live performance by Alessandro Ristori and The Portofinos. The celebration continues into the night at Twiga’s club, where the resident DJ will create a festive atmosphere for guests to dance their way into 2025. To make a reservation, email [email protected]. 

Right across from Twiga, Sass Café is offering a New Year’s Eve dinner priced at €650 per person. The experience includes a bottle of Dom Pérignon Blanc for every two guests, ensuring an indulgent celebration in one of Monaco’s most iconic venues. For reservations, call +377 93 25 52 00. 

For those seeking a lively nightlife atmosphere, Jimmy’z will open its doors at 11pm for a glamourous and vibrant New Year’s Eve party, continuing its tradition as one of Monaco’s top nightlife destinations. For more information, click here.

Indulgent New Year’s Eve escapes 

Ring in the New Year at the Fairmont Monte Carlo with a variety of celebratory experiences to suit every taste.

There’s the Prestige Gala Evening in the Salon de Gala, featuring a gourmet buffet, half a bottle of Taittinger Champagne and live entertainment, including a DJ, magician and dinner show, for €485 per person (€65 for children aged six to 12, free for children under five with a babysitter at the Kids Club) or you can head to Nobu Monte Carlo, which will be serving up a special omakase menu for €390 per person (excluding drinks). Expect dishes such as scallops with yuzu and slow-cooked Wagyu. À la carte dining is also an option, with a minimum spend of €350 per person after 9pm. For a more vibrant atmosphere, Amù Monte Carlo offers a festive à la carte evening with live music and a DJ to keep the celebrations going until the early hours. For more information, click here.

Additionally, several high-end dining options are available for the evening at the Hôtel de Paris.

Le Louis XV – Alain Ducasse, the hotel’s three-Michelin-starred restaurant, will serve a menu priced at €1,200 per person, with an optional food and wine pairing available for an additional €500. Le Grill, the hotel’s one-Michelin-starred restaurant, offers a set menu for €990 per person, while La Salle Empire will host a lavish New Year’s Eve dinner for €1,200 per person, including a food and wine pairing and live entertainment. 

For a more casual yet sophisticated celebration, the Bar Américain will feature live music alongside its dinner offering, priced at €450 per person, with a minimum drink consumption of €750 per guest. More information on all Hôtel de Paris experiences is available here.

The Hôtel Hermitage is also providing multiple options for the evening.  

Chef Yannick Alléno’s Pavyllon Monte-Carlo will offer a six-course menu for €990, including a glass of champagne, with an additional wine pairing available for an extra charge. L’Abysse Monte-Carlo will serve an omakase menu priced at €500, or €700 with wines included. The Salle Belle Époque will host a festive dinner featuring a single menu with half a bottle of champagne, priced at €700 per adult and €350 for children under the age of 12. For more information, click here.

The Monte-Carlo Bay Hotel and Resort is offering several choices for New Year’s Eve. 

Blue Bay, led by Chef Marcel Ravin, has a menu priced at €850 per person, including half a bottle of Dom Ruinart Champagne. La Table de Marcel features a more exclusive dining experience at €1,100 per person, with wine pairings included. L’Orange Verte offers a festive menu for €395 per person, which includes half a bottle of Ruinart Champagne, live performances and dynamic entertainers. 

For those looking for a lively evening, the pop-up bar at Blue Gin will host a party starting at 11pm, with a minimum table spend of €350 for two guests, including a bottle of champagne. More information is available here.

A grand finale 

At the Opéra de Monte-Carlo, guests will have the chance to experience a unique New Year’s Eve that combines opera and fine dining. Donizetti’s L’elisir d’amore will be performed in the historic Salle Garnier, with tickets priced between €110 and €280. 

For those seeking a more exclusive experience, the opera is paired with a gala dinner at the Hauser & Wirth gallery for €980 per person. This package includes a champagne reception and the opportunity to dine with artists from the production. Places are limited and reservations can be made by either calling +377 92 00 13 70 or clicking here.

Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA

Private members’ clubs are enjoying a renaissance, with more opening in the past four years than in the three decades that followed the opening of London’s Groucho Club in 1985. 

According to Knight Frank’s Guide to Private Members’ Clubs 2024, authored by Liam Bailey and Patrick Gower, this surge signals a transformation in both hospitality and real estate, fuelled by a growing desire for connection, exclusivity, and community. 

The report highlights that the private members’ club sector has evolved far beyond the elite gentlemen’s clubs of the past, which served only the wealthiest members of society. Instead, today’s clubs attract a diverse range of professionals, including creative talents, tech entrepreneurs, and those in search of unique social spaces. The booming sector shows no signs of slowing down, with prospective club openings at an all-time high

Impact on real estate markets

One of the most significant findings in the report is how private members’ clubs are reshaping the real estate market. For example, properties within 15 minutes of prestigious clubs like Soho Farmhouse in the Cotswolds saw buyer interest more than double in August 2024, with 2.3 buyers registering for every one buyer in adjacent areas. The report, supported by research from Knight Frank’s Private Office partners Alasdair Pritchard and Hugh Dixon, highlights how proximity to luxury clubs can add glamour and value to surrounding properties, influencing everything from local retail to property prices.

In urban areas, the rise of hyper-local clubs like The Dally in London’s Islington and Inness in upstate New York shows that these establishments are increasingly becoming integral to community development, attracting international buyers and increasing the allure of certain neighbourhoods.

Clubs as drivers of new business models

As the sector grows, private members’ clubs are adapting and introducing innovative business models. Clubs such as Aman in New York City target ultra-luxurious clientele, while others, like The Conduit in London, focus on social impact and community programming. The report details how successful clubs are now essential anchors for real estate developments, offering curated experiences that extend beyond hospitality.

Programming plays a pivotal role in a club’s success. According to Nick Hamilton, co-founder of The Conduit, engaging events are the biggest source of member conversion, and offering something unique is key. Whether it’s challenging discussions with global thought leaders or fun, niche events like those hosted at The Century Club in Soho, modern clubs are diversifying their offerings to stay relevant.

The third wave of private clubs

Knight Frank’s report positions the industry as entering its “third wave”, where clubs have evolved from eccentric projects to serious moneymakers. In an increasingly competitive market, particularly in global cities like New York, the exclusivity of clubs remains a primary draw. Richie Notar, hospitality consultant and co-founder of Nobu, notes that real exclusivity is what “drives people nuts” in cities like New York.

Clubs now cater to specific interests, such as tech, wine, or wellness, and memberships are no longer confined to traditional networking opportunities. Many clubs also now operate as coworking spaces or family clubs, offering services for all aspects of life, including fitness, wellness, and even childcare.

Challenges ahead

While the industry is booming, the report warns of potential pitfalls. High membership fees can alienate younger, more dynamic individuals who contribute to the vibrant culture clubs aim to foster. Martin Raymond, co-founder of The Future Laboratory, argues that focusing solely on wealth can lead to soulless “boltholes for the elite”. Instead, the report suggests clubs should focus on building diverse communities to sustain long-term success.

In addition, some clubs are showing signs of financial strain. For example, the House of St Barnabas in Soho and the women’s-only club Chief both recently closed due to financial difficulties. The sector must find ways to maintain its allure while remaining financially viable.

Private members clubs a dynamic corner

As A Guide to Private Members’ Clubs 2024 makes clear, private clubs are not only reshaping social and professional networks but also transforming real estate markets around the globe. With the right mix of exclusivity, community, and innovative business models, the private members’ club sector is set to continue its rise as one of the most dynamic corners of hospitality and real estate.

For property developers and real estate investors, partnering with private clubs can enhance the appeal of luxury developments and bring additional value to surrounding areas. The report suggests that, whether in commercial real estate or private homeownership, aligning with the club model could be a key to future success.

Photo credit: Nick Karvounis, Unsplash

Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA

Monaco’s most ambitious land reclamation project, Mareterra, will be inaugurated on 4th December 2024 by Prince Albert II and Princess Charlene. The €2 billion eco-district, featuring luxury residences, a marina, and public green spaces, opens to the public the following day.

The highly anticipated Mareterra district, a stunning six-hectare addition to Monaco’s coastline, is set for its official inauguration on 4th December by Monaco’s Princely couple, Prince Albert II and Princess Charlene. The monumental project, which began in 2013 and has cost €2 billion, is an extraordinary feat of engineering and urban planning, completed six months ahead of schedule

Since construction barriers were removed near the Louis II Tunnel and the Fairmont Hotel, residents and visitors alike have been captivated by the district’s striking features. Among them is the 16-berth marina and the distinctive Renzo building, named after its world-renowned architect, Renzo Piano. While these elements are already visible, much of the work behind Mareterra’s transformation occurred out of public view, involving over 3,500 workers putting the finishing touches on what is set to become a jewel in Monaco’s urban landscape.

Opening to the public on 5th December

From 5th December, Mareterra will welcome the public, inviting visitors to stroll along its 500-metre coastal promenade or relax amidst its lush green spaces, planted with 1,000 mature trees. The district’s public amenities include 12 shops and restaurants, such as 99 Sushi Bar and Marco, an English-style restaurant, as well as a Grimaldi Forum extension, and 160 parking spaces.

On the private side, Mareterra boasts 110 apartments, 10 ultra-luxurious villas, and four townhouses. These exclusive residences, ranging from 400 square metres to over 2,000 square metres, have been sold discreetly to affluent European families. While precise figures remain confidential, the properties are expected to command some of the highest prices per square metre globally.

Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA

Născut la Iași, în anul 1912, George Emil Palade  a parcurs toate stadiile de instruire școlară și universitară în România, fiind absolvent și doctorand al Facultății de Medicină a Universității din București, în anul 1940. Prins în constrângerile generate de cel de-al doilea Război Mondial, activează în Corpul Medical al Armatei Române în perioada 1942-1945.

Pasionat de domeniul cercetării medicale, Emil Palade a părăsit România, stabilindu-se în Statele Unite ale Americii unde a fost primit ca cercetător la Universitatea Rockefeller din New York, unde a avut ocazia să-l întâlnească pe Albert Claude, o personalitate a științei medicale, care i-a devenit mentor. Împreună cu acesta a format o echipă de prestigiu cunoscută în domeniul patologiei celulare. În echipă au mai fost primiți doi profesori renumiți, George Hageboom și Walter Schneider.

A fost elaborată o metodă originală de pregătire a probelor pentru a examina țesuturile folosind avantajele microscopului electronic.

După ani de studiu, savantul român, a prezentat, ca argumente științifice, mecanismul celular al producției de proteine, descoperind ribozomii, denumiți și „corpusculii lui Palade”. Această descoperire s-a constituit și ca o susținere serioasă pentru acordarea Premiului Nobel pentru Fiziologie sau Medicină, în anul 1974. Premiul i-a fost acordat, alături de Albert Claude și Christian de Duve. Ca o recunoaștere a valorii deosebite a evenimentului de premiere, Academia Română i-a acordat titlu de membru de onoare în anul 1975.

Ca efect al descopeririilor lui George Emil Palade, s-au pus bazele proiectului Institutului de Biologie și Patologie Celulară „Nicolae Simionescu”, în anul 1970, când Nicolae și Maya Simionescu au fost în S.U.A. la invitația merelui savant. La inaugurarea oficială a Institutului, în anul 1979, a participat alături de George Emil Palade și Christian de Duve.

În Statele Unite ale Americii, laureatul român a fost răsplătit cu titlurile de Membru al Academiei Naționale de Științe a S.U.A., Membru Străin al Royal Society, iar în 1986 a primit de la Președintele Reagan Medalia Națională pentru Știință.

Deși onorat în întreaga lume, George Emil Palade nu și-a uitat țara de obârșie. În cadrul mai multor vizite se înscrie cu o semnificație deosebită prezența sa în orașul natal Iași, în anul 1994 câns s-a bucurat de admirația și respectul comunității academice ieșene, prilej cu care i s-a acordat titlul de Doctor Honoris Causa atât din partea Universității de Medicină și Farmacie „Grigore T. Popa” cât și din partea Universității „Alexandru Ioan Cuza”.

George Emil Palade, a reușit cu succes să promoveze recunoașterea României pe plan internațional, înscriindu-se totodată în elita mondială a oamenilor de știință alături de alți români ca George Enescu, Constantin Brâncuși, Gogu Constantinescu, Ana Aslan.

Cu ocazia semicentenarului primului Premiu Nobel acordat unui român și având în vedere și evenimentul de omagiere a savantului George Emil Palade în sala Academiei Române la data de 5 decembrie 2024, Romfilatelia introduce în circulație o emisiune filatelică aniversară George Emil Palade, Premiul Nobel. 50 de ani care se dorește a fi o modalitate de manifestare a prețuirii și respectului pentru marile personalități ale științei românești.

Adăugăm la imaginile timbrului și coliței filatelice ale emisiunii introdusă în circulație și imaginile timbrelor emise anterior în anii 2001 și 2016, care au avut în vedere două subiecte bine gândite. În anul 2001 Convenția ONU privind Statutul refugiaților, aniversa 50 de ani. George Emil Palade, se înscrie și el într-o categorie de refugiu, datorată instituirii în România a unui regim totalitar în care libertatea și condițiile cercetătorilor de valoare nu erau asigurate.

În anul 2016 o emisiune filatelică cu titlu definitoriu Români Geniali adună la un loc șase valori umane ale culturii și științei românești, între care se regăsește la loc de cinste și portretul lui George Emil Palade,. Imaginile timbrelor reprezintă convingător preocuparea filateliei românești și a unei Instituții deja cunoscute, Romfilatelia, pentru promovarea celor mai valoroase personalități ale națiunii române.

Cristina Popescu – Director General Romfilatelia

Mihai Craiu – Owner/CEO – Media Consulta International – Part of Fininvest-USA

Hundreds of millions in payments were made to a firm co-owned by Timur Kulibayev, son-in-law of the resource-rich nation’s longtime ruler.

Western oil giants had a cash bonanza in their sights when they gathered in the small town of Farnborough, southwest of London, in October 2012. They were rushing to exploit one of the world’s richest and deepest oil fields: the 156-square-mile Tengiz reservoir in western Kazakhstan, more than four times the size of Paris and a mile deep, under a desert on the remote north coast of the Caspian Sea.

Time was slipping by on the oil executives’ exclusive 40-year rights to develop the field. They had 21 years left to both extract the oil and build the infrastructure to transport it from Tengiz to the 939-mile Caspian pipeline, where the oil would be exported through Russia and on to world markets.

But the riches lay beneath one of the most politically and environmentally sensitive spots on Earth, where temperatures soar to 130 degrees in summer and sink to 30 below zero in winter. A country settled by nomadic tribes, where guests are still welcomed with camel’s milk, Kazakhstan has a population that includes a large minority of Slavs who migrated south across the 4,500-mile Russian-Kazakh border, and Russia has been a dominant influence there since the tsars. The oil itself is deep under the fragile area known as the Caspian Depression, home to an ecosystem of migratory birds, sturgeon, herring and other rare fauna.

The oil companies listened as representatives of a little-known Kazakh firm called TenizService pitched an idea to build a transportation route and offloading facility to speed removal of the oil by nearly doubling the volume that could be shipped by pipeline to the nearest navigable seaport in Russia. Back in 2009, Chevron and its partners had rejected a similar idea because of safety and environmental risks.

The massive infrastructure project seemed impossible: The Caspian Sea is landlocked and impassable in winter, and the oil reservoir was about 1,000 miles from the nearest usable seaport. Floating docks would need to be built. Asphalt roads would need to be paved. A 43-mile marine channel, able to accommodate vessels from tugs to barges, would need to be dredged.

The approval process was hugely complex, requiring sign-off from no less than 170 officials across 46 Kazakh entities, from local water officials to the Ministry of Transport.

These intimidating obstacles didn’t faze TenizService, which got the contract as the lone bidder. In a 52-slide presentation of photos, maps and schematic drawings, the company proposed a way to win a construction permit in a matter of months, citing its “good relations” with the government.

Despite enormous regulatory hurdles, the project to build the offloading facility — with a price tag of $1.06 billion — moved forward with preliminary work within a month. Chevron, ExxonMobil Corp. and two other partners approved a deal that would ultimately pay TenizService $1.5 billion beyond the original cost of the no-bid contract, for a total of $2.5 billion.

TenizService, the Kazakh firm navigating the hurdles that had stymied Western oil giants for years, had been partly owned until 2010 by the “oil prince”: Timur Kulibayev, the billionaire son-in-law of Kazakhstan’s president at the time. It was in the hands of a business associate when the contract was awarded, and would soon receive a financial lifeline from a bank in which Kulibayev held a large stake.

Through his father-in-law Nursultan Nazarbayev, who ruled petroleum-rich Kazakhstan for nearly 30 years, Kulibayev had ready access to the levers of oil power — power which could help oil companies, Nazarbayev and, ultimately, Russian President Vladimir Putin.

Despite internal warnings that the contracts could be seen as including improper payments to politically influential actors, Chevron, Exxon and three other Western oil giants approved financial dealings with companies linked to Kulibayev. The deals with these firms were part of a broader push by Western oil companies to court politically connected contractors and secure a route to export oil from Kazakhstan, through Russia, to world markets.

Kulibayev’s connections to TenizService are part of Caspian Cabals, an investigation led by the International Consortium of Investigative Journalists and 26 media partners into the rise of a critical pipeline in the Caspian Sea region and Kazakh oil fields that feed it. The two-year investigation is based on tens of thousands of pages of confidential emails, company presentations and other oil industry records, audits, court documents and regulatory filings,as well as hundreds of interviews, including with former company employees and insiders. Caspian Cabals shows how Western oil company money has empowered anti-democratic actors in Kazakhstan, bolstered Putin’s regime and enriched regional elites.

Western consumers and oil companies are increasingly dependent on the Caspian region. For decades, U.S. foreign policy and high-powered lobbyists promoted the idea that resource-rich Kazakhstan would help to wean the U.S. from dependence on Middle Eastern oil — while wresting the Central Asian nation from Russia’s influence and expanding democracy in the region.

Caspian Cabals: Key findings

The Caspian Cabals investigation reveals how Western oil companies — including Chevron Corp., ExxonMobil Corp., Shell PLC, and Italy’s Eni S.p.A. — ignored bribery risks and massive cost overruns to secure their stake in a critical Kazakhstan-Russia pipeline, only to be sidelined by the Kremlin. Here are seven key findings from our reporting.Read more 

Instead, the Caspian projects emboldened Russia and have come at grave environmental cost to Kazakhstan — generating discontent, anger and disappointment among some of its citizens.

“Fossil fuel development in western Kazakhstan has been devastating to local communities, both in terms of environmental health impacts and destruction of the natural world,” said Kate Watters, executive director of Crude Accountability, an advocacy group specializing in environmental protection of the Caspian Sea. “Children have grown up in the shadow of oil and gas development, and have paid the price with their health, despite claims by corporations and international financial institutions that environmental and social standards are upheld.”

Leila Nazgul Seiitbek, founder of Freedom for Eurasia, placed some of the blame on Kulibayev.  Her advocacy group investigated him and asked the U.S. to apply sanctions to punish him for alleged corruption. “Rarely does anyone bear any responsibility in projects where there are interests of the political kleptocratic elite,” she said. “Of course to the extent that Kulibayev has an interest in any project, that plays a role in ensuring impunity. Projects with his participation are generally not available for civilian or law enforcement control.”

Kulibayev declined ICIJ’s requests for an interview.

His U.K. law and communications firm, Schillings, said Kulibayev is an independently wealthy businessman and investor, with his own business interests and a proven commercial track record.

In a 39-page letter to ICIJ’s lawyers, Schillings acknowledged Kulibayev had an indirect, minority stake in TenizService until 2010 but no interest in the company when the giant infrastructure contract was awarded two years later.

“Mr. Kulibayev has never had a monopoly over the oil industry in Kazakhstan,’’ the law firm said. “He was influential due to his prominent roles in the sector, but he by no means controlled it.”

Schillings credited the vast wealth of Kulibayev and his wife Dinara Kulibayeva to their business acumen, not to their unique access to her father, the former president of Kazakhstan, or the highest reaches of government and industry.

“They made their money without any support from the state,” Schillings said. “Mr. Kulibayev has never engaged in bribery or corruption or engaged nominees to act on his behalf in connection with the oil and gas industry in Kazakhstan or otherwise.’’

Today the 58-year-old Kulibayev sits atop an empire of more than 220 companies and trusts in 22 countries, including 10 secrecy havens. He and his wife lead the list of the richest Kazakhs, with a combined fortune of $10 billion, according to Forbes.

As Caspian Cabals shows, he and his family poured money into mansions across Europe, artwork, a private jet, million-dollar parties and entities registered in multiple countries.The companies registered in the offshore secrecy havens have bought a dizzying array of businesses — farming companies, a medical clinic, real estate outfits, oil and gas service firms, a high-end merchandiser and golf resorts.

In a 2017 Italian corruption case, a businessman named Agostino Bianchi pleaded guilty to bribing three Kazakh officials, including Kulibayev, to get public contracts that netted Bianchi a $7 million profit, according to documents shared by ICIJ partner L’Espresso. A judge in Monza, near Milan, confiscated those illicit proceeds. The businessman got a 16-month sentence with suspended jail time. Kulibayev was not charged. His lawyers said he was unaware of the case.

With access to Kazakhstan’s oil fields, Western leaders hoped to reduce their reliance on Middle East oil and forge relationships that could bring democracy to Kazakhstan. As Caspian Cabals shows, however, the Western oil deals helped boost a kleptocracy and Putin’s Russia.

https://youtube.com/watch?v=Oa3DMefXug4%3FinitialWidth%3D623%26childId%3Dicij-iframe-1%26parentTitle%3DOil%2520giants%2520ignored%2520red%2520flags%252C%2520enriched%2520elite%2520for%2520Kazakhstan%2520pipe%2520dream%2520-%2520ICIJ%26parentUrl%3Dhttps%253A%252F%252Fwww.icij.org%252Finvestigations%252Fcaspian-cabals%252Ftimur-kulibayev-nazarbayev-kazakhstan-oil-riches%252F

The making of an ‘oil prince’

Kulibayev was well-groomed to navigate politics. He was born into power, the son of a Soviet-era Communist Party boss, Askar Kulibayev. His mother, a schoolteacher named Raisa,  was trained as a biologist. His father held the top party job in the western Kazakh oil region of Atyrau. In the 1970s, his father’s position meant that as Timur grew up he enjoyed goods and services in short supply — and could summon a car anytime from the Central Committee garage.

After attending an elite high school, Kulibayev studied economics in Moscow at one of the country’s most prestigious universities. He moved in the same social circles as Dinara Nazarbayeva, the middle daughter of the future Kazakh president, who was also studying in Moscow. They married around the time the Kazakh Supreme Soviet elected her father the country’s first president in 1990, a post he would hold for the next 29 years.

The fall of the Soviet Union in 1991 brought opportunities for both Western oil companies and Kulibayev. Western governments were promoting commerce in newly independent countries, and Kazakhstan’s vast petroleum reserves offered an irresistible option away from their fraught dependence on Middle Eastern oil. Chevron would become the first foreign energy company to enter Kazakhstan.

Kulibayev, 25 in 1991, plunged into a corporate career, honing his finance skills at an investment firm.

Soft-spoken and savvy, the entrepreneur assembled an elaborate and enduring network of friends and business partners. Along with his front-row access to government leverage, this network would eventually help him acquire stakes in the country’s banking and gold businesses, telecom, oil fields, pipeline construction and other industries.

By 1997, Timur and Dinara, now parents to a son, lived in a prestigious apartment building in Almaty, the nation’s most populous city. According to a neighbor, exiled opposition figure and former banker Mukhtar Ablyazov, the four-story building was occupied mostly by state officials who often paid nothing or below market price for their units.. “It was the most expensive and best property in Almaty,” Ablyazov, who later became an enemy of Kulibayev after publicly accusing the president’s son-in-law of accepting bribes, told ICIJ. After he helped found an opposition movement, a Kazakh court convicted Ablyazov in 2017 of embezzlement and related offenses, and a UK court found him guilty of criminal contempt. Ablyazov, who denies the allegations, is wanted in Russia, Kazakhstan and the UK.

Nazarbayev, meanwhile, struck deals with Western oil companies. He signed agreements with Chevron and others for the development of the Caspian pipeline and rights to the giant fields that would feed it. The first contract was for Tengiz, signed in 1993 for a term of 40 years. It established a joint venture company called Tengizchevroil to operate the Tengiz oil field. Chevron became the dominant Western shareholder with its 50% stake. Exxon, with a 25% share, would become the second biggest owner. Nazarbayev planned to bring in investors to construct the pipeline to ship the oil — not only from Tengiz but also from other big Kazakhstan fields called Kashagan and Karachaganak.

The pipeline’s operating company was named the Caspian Pipeline Consortium. Chevron owned 15% of the consortium, Exxon 7.5%; Shell about 3.7%, Eni 2% and BG Group 2%. The Russian government would eventually become the largest shareholder in the Caspian Pipeline with an initial 24% stake.

With these deals, Nazarbayev began to create Kazakhstan’s oil and gas bureaucracy. Meanwhile, his son-in-law joined the government, working under Nurlan Balgimbayev, a one-time Chevron consultant, in different top Kazakh oil posts.

In time, Kulibayev would come to own stakes in privately held firms that once were state-owned, including Halyk Bank, which would eventually become Kazakhstan’s largest bank. His stake in the bank and other former state assets were acquired as he moved in and out of high-ranking government jobs, including vice president of KazakhOil and president of KazTransOil, both state-owned. Then, via presidential decree, he became vice chairman of the new state holding company KazMunayGas, or KMG.

Schillings said in its response to questions from ICIJ that although Kulibayev was part of KMG’s senior management team responsible for overall strategy, he “had no unilateral influence on KMG’s decision-making process.”

The lawyers acknowledged that Kulibayev held government positions and pursued private business interests “in parallel for a period of time.”

“Kazakh law allowed public officials to have outside business interests, so there was nothing improper or unlawful about Mr. Kulibayev’s activities,” Schillings said.

His private empire grew: A small circle of associates and allied businessmen helped manage a web of operating and shell companies that frequently looped back to Kulibayev, Caspian Cabals documents show.

While he never met Kulibayev, attorney Ruslan Tsarni said that during his work in Kazakhstan he acted for representatives of “an organized band of individuals headed by Timur Kulibayev,” which Tsarni called “The Group,” according to a 2010 statement to Ablyazov’s U.K. attorneys in a fraud case brought by BTA Bank against Ablyazov, its former chairman, in the London High Court.

One alleged member of the so-called Group was Arvind Tiku, 54, who was “subordinate and ‘junior partner’ of Kulibayev in some projects,” Tsarni said in a written statement to ICIJ. An Indian-born billionaire, Tiku helped Kulibayev buy Prince Andrews’ Sunninghill country estate in 2007, according to press reports. The house stood empty for years.

In their emailed response, the lawyers for Kulibayev said he purchased Sunninghill Park in a “commercial, arm’s length transaction” and as part of a competitive bidding process.“ Kulibayev did not use Tiku to mask Kulibayev’s involvement in commercial transactions, they said, adding that the two men “have been occasional, transparent business partners.”

In a 2021 video interview with the Swiss newspaper NZZ (Neue Zürcher Zeitung) Tiku said he had prior business interests with Kulibayev but denied he had done anything wrong. “Do I know Kulibayev? No doubt I know him,” Tiku said. “Have I done business with him? Yes. Do I still do business with him? No.”

In a statement to ICIJ, Carter-Ruck, a U.K. law firm representing Tiku, said the businessman had no current business relationship with Kulibayev and never took orders from him. The law firm said Tiku provided Kulibayev’s company with $16 million (£8 million) to acquire the Sunninghill Park property and that the loan and interest were repaid in full in 2010.

Another member of Kulibayev’s circle, Aidan Karibzhanov, founded an investment firm called Visor Investment Solutions. He helped design a process to privatize state assets as a member of Kulibayev’s executive team at KazMunayGas. In a 2021 affidavit filed in federal court in New York, Karibzhanov’s former wife, Makhpal Karibzhanova, said her ex-husband used nominees, or proxies as owners, and pursued oil and gas privatization deals whose profits were channeled through offshore entities.

“Mr. Kulibayev and Mr. Karibzhanov have crossed paths to a limited extent in their professional careers,” Schillings said in its statement. “These connections are transparent.”

Karibzhanov did not respond to multiple requests for comment from ICIJ, but he  said in an affidavit filed in his former wife’s New York case that he had “no material financial connection” to the privatization of oil and gas fields in Kazakhstan. He also  denied gaining ownership of assets through nominees or straw men.

In a 2013 Facebook post republished in Forbes, Karibzhanov said that while “often Visor is counted as belonging to Timur Kulibayev,” they were partners in only two early projects. He denied Kulibayev was a Visor shareholder.

Schillings said Kulibayev had only a distant, indirect connection to Visor and had no control over the firm or its investment activities. He had been an indirect shareholder in a company that Visor invested in, the law firm said, and a Visor affiliate had purchased a Halyk Bank subsidiary earlier this year.

“Mr. Kulibayev does not own Visor, either directly or indirectly,” Michael McNicholas, general counsel for the Visor Group, wrote in an email response to inquiries by ICIJ.  Referring specifically to Visor International DMCC, he said it was owned by six individuals “who have never held, nor currently hold” an equity interest on behalf of Kulibayev. He declined to provide the names of the owners.

In 2003, U.S. prosecutors indicted a consultant to Nazarbayev in a massive bribery case. They accused the American businessman James H. Giffen and his merchant bank, Mercator, of passing $78 million in bribes — and millions of dollars in jewelry, furs, speedboats and snowmobiles, tuition and vacations — from U.S. oil companies to two unnamed, unindicted co-conspirators who have been publicly identified as Nazarbayev and his top lieutenant Balgimbayev.

“Kazakhgate,” as the case became known, centered on transactions between Mercator and Mobil Oil Corp., which became part of Exxon. Neither Exxon nor any other oil company was charged. Kulibayev wasn’t implicated; Giffen pleaded guilty to a  tax-related misdemeanor. The judge declined to sentence Giffen to prison after he testified that he acted with support from the U.S. Central Intelligence Agency and the White House to help advance American interests in the region.

Meanwhile, State Department cables published by WikiLeaks would reveal that Kulibayev was in regular contact with U.S. government officials, providing information on topics ranging from the importance of the Caspian pipeline expansion and potential oil routes through Iran and China to Western companies’ bids for an oil block — a designated area for oil and gas exploration and production — and China’s growing importance in the region. Diplomats gushed over him, praising his “grace of a statesman,” according to a WikiLeaks cable.

In contrast to the glowing views of some diplomats, oil industry insiders complained bitterly about the perils of doing business under the Nazarbayev regime, according to diplomatic cables obtained by WikiLeaks. At a March 2005 focus group of oilmen with the U.S. ambassador in Almaty, one executive criticized “elite corruption” and called out allegations about the president’s son-in-law. “Kulibayev and his ilk prey on foreigners and locals alike,” he said.

Another diplomatic cable, sent to numerous U.S. government agencies, revealed a Kazakh oilman’s more colorful description: “Like a Buddha with a Paris manicure,” he said of Kulibayev, with an “avarice for large bribes.”

On behalf of Kulibayev, Schillings flatly denied the comment, adding that the oilman had a grievance against Kulibayev.

Under a veil

By 2007, Kulibayev had joined the ranks of the ultra-rich, appearing on the Forbes billionaires list for the first time. The Sunninghill Park estate in Berkshire that Arvind Tiku helped Kulibayev obtain was one of six properties totaling around $184 million that Kulibayev’s network of companies purchased in the U.K. that year, ICIJ’s investigation has found. Three of these were in Mayfair — the glamorous London neighborhood dotted with five-star hotels and Michelin-starred restaurants.

Kulibayev purchased two other London properties in an area of Kensington known as “Millionaire’s Row” in 2007 for $54.5 million. Those assets were placed in a Cayman Islands trust.

Around the same time, according to Caspian Cabals documents, Kulibayev and his associates bought real estate through companies registered in secrecy jurisdictions — including the Bahamas and the British Virgin Islands. He and members of his inner circle also created companies in the United Kingdom, the Netherlands, Spain, Luxembourg and other European countries to buy real estate and manage Kulibayev’s corporate holdings.

During this fast and furious buying spree, government officials in Switzerland and Kazakhstan reportedly investigated possible wrongdoing by Kulibayev and oil industry players — although neither went forward because, Kulibayev’s lawyers said, they could find no evidence against him. Even under scrutiny, Kulibayev’s influence within Kazakhstan grew, helping turn the country into a world energy power.

In 2008, President Nazarbayev appointed Kulibayev to another prominent government post: deputy chairman of the country’s newly created $80 billion national wealth fund, Samruk-Kazyna, named after a bird in a Kazakh folk story that lays golden eggs and brings luck.

Meanwhile, the government demanded oil companies pay up — in pressure campaigns that took the form of what industry executives described in private discussions with U.S. diplomats as spurious tax charges, demands for discounts on raw materials for local refineries, environmental fines, increased tariffs and reimbursement for what the government said were illegal revenues from overproduction.

Two Chevron executives told the American ambassador to Kazakhstan in 2008 that the company was facing outrageous fee demands. “Chevron views as unacceptable new fees,” reads a leaked State Department cable. Still, the cable made clear, the company would continue to invest in the oil fields because “they affirmed that Tenghiz continues to be extremely productive (and profitable).”

Executives at Chevron-led Tengizchevroil, Exxon and other energy companies hosted events for KazEnergy, the trade group led by Kulibayev that pushed for environmental, tax and other rules in Kazakhstan favorable to the industry. One of the Chevron executives socialized with Kulibayev, too, a Kazakhstan oilman told U.S. diplomats in 2008, according to a WikiLeaks cable, in locations ranging from a golf course in Astana, Kazakhstan’s capital, to a beach in Spain.

No Chevron executive ever provided Kulibayev with “anything of value (bribes, favours or anything else),” his law firm wrote, questioning the accuracy of the Wikileaks cables.

In U.S. government circles, diplomats circulated unconfirmed reports that Kulibayev may have received kickbacks over energy deals involving China – an allegation his lawyers denied. In the words of another cable, he was “behind” traders charging oil companies exorbitant prices to ship oil. His 2011 appointment to the board of the Russian state oil company Gazprom — as the only non-Russian — was seen as a sign of his growing political stature.

Despite the red flags, Chevron and its partners awarded oil contracts to businesses linked to Kulibayev, ICIJ has found. Among the deals: a 2011 contract from the Caspian Pipeline Consortium, whose shareholders include Chevron and Exxon, to build two pumping stations in Kazakhstan.

The winning contractor to build the pumping stations was KazStroyService. Public records show that the private equity firm Kulibayev controls, Singapore-based Steppe Capital, listed KazStroyService among its holdings as early as 2010. Also, a 2012 Steppe Capital annual report filed in the Netherlands listed Kulibayev as KazStroyService’s “sole shareholder.”

KazStroyService did not respond to repeated requests for comment, nor did the Caspian Pipeline Consortium or Exxon. Chevron did not respond to questions about the KazStroyService contract.

Kulibayev’s lawyers said Kulibayev acquired a 50% stake in KazStroyService in June 2007, but was not involved in the company’s management or contract discussions. And Kulibayev “was never involved in the management of CPC”, the lawyers said, adding that neither Kulibayev nor Steppe Capital played a role in the pumping stations project or CPC’s awarding of the pipeline contract to KazStroyService.

“He has never sought to hide his commercial undertakings or improperly benefit from them,” Schillings said.

In fact, the lawyers said, Kulibayev provided “comprehensive documentation at the request of several KasStroyService investors and other partners” to avoid any potential conflict of interest as he partly owned the company and had roles at state-owned entities.

The bills for the pumping stations job KazStroyService won skyrocketed over time. The projected cost to build the two pumping stations had been $276.5 million, but it ballooned to $486 million, excluding tax, documents show.

As the project’s price tag rose, the Caspian Pipeline Consortium issued 15 change orders.  But paperwork for those amendments reviewed by ICIJ provided only perfunctory justification for the increases; many simply cited the need for “additional” work. Some of the welding work was defective and needed to be redone, according to an internal Caspian pipeline publication and an internal contractor’s progress report.

The work dragged on. The pipeline consortium initially said the job would take 2½ years. It was finished 6½ years later, in 2017 — four years behind schedule.

Kulibayev’s lawyers blamed the delays on numerous design changes by CPC and other difficulties not the fault of KazStroyService. Changes and cost overruns are common on such megaprojects, they said, adding that neither Kulibayev nor Steppe Capital was involved in any discussions about welding work, change orders, or any other part of the contract discussions.

While both the project’s timeline and cost swelled, Kulibayev and his network continued to bankroll their lavish lifestyles. Kulibayev spent nearly $1.6 million on just some of the expenses for summer holidays and his wife Dinara’s birthday celebration at the couple’s home in Lloret de Mar, Spain, called Can Juncadella. A Kulibayev-owned jewelry company, Viled, hosted an exhibition in Barcelona attended by wealthy vacationers and family friends of the Kulibayevs. According to documents reviewed by ICIJ that list the jewelry alongside the names of clients interested in buying them, Kulibayev’s wife expressed interest in buying more than $6.7 million worth of jewelry, including heart-shaped diamond earrings and a pink sapphire pendant surrounded by round and pear-shaped diamonds.

Meanwhile, Nazarbayev was rebuilding Astana as an entirely new capital city, complete with a golden imprint of his hand at the top of the 318-foot tall Bayterek (“tree of life”) Tower — a testament to a despot tightening his grip on power. He severely restricted press freedom, cracked down on political opponents and signed an amendment to the constitution giving him the right to run for president in perpetuity.

The increasing wealth of elites created a sharp contrast to the lives of the working class, which struggled with low wages, poor benefits and dangerous working conditions. Efforts to form trade unions failed. Activists and journalists were attacked or jailed.

Saulesh Yessenova, an anthropologist at the University of Calgary in Canada who investigated working conditions at the Tengiz field, told ICIJ that the 1993 agreement between Chevron and the government of Kazakhstan granting the American company rights to develop the huge field was one cause of worker discontent. The contract granted the government bonuses, taxes, royalties and economic development projects, but the terms were secret.

According to Yessenova’s research, the government would receive 80% of the profits and a $450 million “signature” bonus. But $420 million would be withheld until after the Caspian pipeline was built. Perhaps more important, the government was forbidden from revealing information about the contract. The secrecy of the provisions “seriously obstruct[ed] democratic processes” in Kazakhstan, Yessenova said.

Domestic unrest led to mass protests. In December 2011, government security forces in the oil town of Zhanaozen sprayed bullets on unarmed residents and striking oil workers protesting poor wages and working conditions, killing 17.

At a public forum two months earlier, attended by oilmen, politicians and others, Kulibayev blamed years of unrest on an overpopulation of migrant workers. “Zhanaozen should have been closed for migrants long ago because the town’s social infrastructure is not capable of accommodating so many people,” he said.

Complaining that subordinates had kept him in the dark, President Nazarbayev fired his son-in-law as head of the sovereign wealth fund for allegedly bungling the oil worker strike. Afterward, Kulibayev kept a low public profile. Behind the scenes he continued to act as a gatekeeper for the oil industry through his leadership of the trade group KazEnergy, made up of every major oil company in the country. In diplomatic circles Kulibayev had been dubbed “the Hydrocarbon Richelieu,” a reference to the famed 17th-century French cardinal and power behind the monarchy.

As members of the Chevron-led Tengiz consortium searched for a path to maximize their Kazakhstan investment, they would soon look to a company familiar to Kulibayev: TenizService.

‘All roads lead to TK’

With the expansion of the Caspian pipeline underway, Chevron and its partners sought to dramatically increase the amount of oil they could feed the pipeline by kickstarting production at the Tengiz field — leading to the October 2012 meeting outside London. TenizService representatives presented their plan to speed up the permitting process by relying on what they called the firm’s “good relations” with the government. “TS experience will guarantee getting approval for Project Execution of state authorities in time,” the presentation said.

To get the oil out, Chevron and its partners would undertake a costly project littered with questionable payments, potential conflicts of interest and offshore companies that obscured the owners’ identities, according to Caspian Cabals documents.

One of those opaque companies was TenizService. Partly privatized by the government in 2003 — with the help of Kulibayev’s one-time business associate and former KazMunayGas colleague, Aidan Karibzhanov, whose private equity firm Visor partly owned TenizService — TenizService developed rock-loading, waste management, fire response and marine fueling facilities and provided logistics services to Western companies.

Karibzhanov did not respond to multiple requests for comments. Schillings said Kulibayev played no role in the partial privatization of TenizService.

An organizational chart included as an exhibit in the Ablyazov civil fraud case in London puts “TK” atop a structure of companies, including one business the chart says is “held in name of Visor Investments.”

“It is well known in the Kazakhstan business community that Visor was and is owned and controlled by Kulibayev through front men, including Karibzhanov,” according to attorney and former insider Ruslan Tsarni’s 2010 statement in the London case.

Asked about the statement, Tsarni told ICIJ that he did not know Karibzhanov, never worked for Visor and had no first hand knowledge but “it was broadly known then that Karibzhanov is ‘Kulibayev ‘s guy.’”

Schillings disputed Tsarni’s accounts, claiming he cannot be considered credible or an independent witness because of his connections with the case of Ablyazov, the convicted banker, whom the law firm claimed was spreading false information and was part of a  “sustained campaign” against Kulibayev.

The London court rejected Ablyazov’s case and awarded a $4.9 billion judgment against him, Schillings said. The court found Ablyazov guilty of contempt of court for concealing illicit assets and issued a 22-month prison sentence.  France granted Ablyazov political asylum, then later revoked it but has yet to enforce the revocation.

Kulibayev “has never owned, managed or controlled any Visor funds,” Schillings said, nor did he have any direct or indirect interest or control in any other Visor entity.

A confidential suppliers’ questionnaire prepared by Tengizchevroil and obtained by ICIJ’s media partner Der Spiegel describes TenizService as 49% owned by KazMunayGas, the Kazakh national oil company, and majority owned by a company called Waterford International Holdings Ltd. Waterford, in turn, was owned by offshore companies, including one with Visor shareholders.

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Schillings said that it appeared Karibzhanov owned shares in TenizService through Waterford.

Oil industry executives tried to untangle the convoluted ownership of the companies operating within the large oil fields. “It’s tough to say who owns what,” said Dan Houser, then a vice president of the U.S. oil services firm J. Ray McDermott, according to a 2010 State Department cable.

Behind the ownership structures, he said, “all roads lead to TK” — Kulibayev – a comment Kulibayev lawyers called “pure hyperbole.”

Atradius DSB, the credit insurer of the Dutch state, which covered the project for dredging contractor Van Oord, asked TenizService to disclose its beneficial owners and didn’t get an answer, according to sources and documents obtained by ICIJ’s Dutch media partner NRC. TenizService, according to Atradius, is nothing more than a “vehicle.”

Internal documents, including emails from oil company compliance and audit managers, obtained by Der Spiegel, reveal concerns about the project — such as TenizService’s relatively small size, environmental issues, questionable payments, questionable vetting and “potential indirect connection” to an unnamed government official.

Less than two weeks after TenizService’s pitch to build the offloading facility, Jon Clements, a Tengizchevroil manager, urged quick approval for TenizService to start survey work before the Caspian Sea froze. “We are going to lose ability to have [TenizService] perform survey work before freeze up unless we release them ASAP,” he wrote.

Three days later, Tengizchevroil project director Paul Benoit confirmed that “due to urgent project needs,” TenizService could move forward with the deal — even though neither a contract nor anti-corruption review had been completed.

Compliance officers warned the TenizService deal raised concerns that the Kazakh firm might be engaged in questionable payments to win the permits. Exxon originally opposed the project over such concerns, former Chevron lawyer Mark Egan said in a leaked memo.

Chevron manager Joseph “Al” Ducote wrote just nine days before the deal went through: “The compliance and due diligence issues around this TenizService contract for Prorva port work is very bright on a lot of radars.”

Asked if Kulibayev’s government connections helped fast-track the project, Kulibayev’s lawyers said he was not involved in Tengizchevroil’s management or board. Nor was he involved in the awarding of the TenizService contract, they said.

The Tengizchevroil partners soon realized that TenizService couldn’t finance the project without significant help, according to an email exchange between contract officers, obtained as part of Caspian Cabals. So TenizService turned to Halyk — the bank majority owned by Kulibayev — for a $100 million line of credit.

Kulibayev’s lawyers said that as of December 2018, TenizService had an outstanding loan from Halyk Bank, but they were unaware of any line of credit.

By 2014, Tengizchevroil had revised the contract and taken on much of TenizService’s work. It assigned its own people to many of the jobs and limited the Kazakh firm’s role mostly to licensing, authorizations and permitting — and paid TenizService nearly $800 million extra.

Three years into the project, Tengizchevroil internal audit supervisor Katerina Vardashko raised questions about certain invoices and fees, including some that were described in Russian as commission fees for obtaining permits from local authorities. “We need to get any documentation that explains” the fees, she wrote, adding that the Russian description seemed to make them “even more questionable.”

In August 2016, an internal Tengizchevroil email obtained by Der Spiegel with the sender’s identity redacted arrived in the inbox of project managers: “Please, be informed that a lot of unclear things are happening regarding the Marine Channel project,” it said. ”Amounts are very highly raised multiple times. Prices are very high … they set just ‘crazy’ amounts of money. Please, take it under advisement.”

And the benefits kept coming. At the end of the project, Tengizchevroil handed over the entire $2.5 billion shipping facility to TenizService.

Haymish Paulse, a spokesman for Tengizchevroil, said the consortium is reviewing ICIJ’s findings but declined to answer questions about the contracts or whether Kulibayev played any role.

“[Tengizchevroil] is a law-abiding company and implements stringent policies and procedures regarding compliance and business ethics,” Paulse said.

TenizService did not respond to questions about its beneficial owners, connections to Kulibayev or Halyk Bank, project permits or massive project cost increases. Exxon, KMG and Lukoil also did not respond, nor did a spokesman for the Kazakh Energy Ministry.

In a written statement, Chevron senior media adviser Sally Jones said the company has robust compliance procedures. “Chevron is committed to ethical business practices, operating responsibly, conducting its business with integrity and in accordance with the laws and regulations” where it operates, she said.

Egan, the former Chevron lawyer assigned to Tengizchevroil and the TenizService contract, told ICIJ in a written statement: “I can state categorically that I am aware of no illegal or unethical conduct or wrongdoing whatsoever by Chevron or TCO in connection with TCO’s contract with TenizService.”

Cashing in

After nearly 30 years as president of Kazakhstan, Nazarbayev abruptly resigned in March 2019. His handpicked successor, Kassym-Jomart Tokayev, vowed to clamp down on the theft of state assets, face down oligarchs and redistribute the nation’s wealth more evenly.

Local media reported that the new government moved to lift the lid on Kulibayev’s assets and demanded a company controlled by Kulibayev return fuel depots that courts ruled his company had illegally privatized in 2001, along with several land plots in sought-after parts of Almaty. In a separate case, prosecutors demanded that a company belonging to his 87-year-old father, the onetime Communist Party boss who had served as minister of construction, housing and development, return a $66 million oil terminal on about 330 acres.

Lawyers for the elder Kulibayev said he was not personally implicated. His son wasn’t accused of any wrongdoing and has not had to return anything, Schillings said.

The government of Kazakhstan filed arbitration claims for more than $150 billion against four oil companies — Eni S.p.A., Shell PLC, Exxon and TotalEnergies SE — for allegedly failing to deliver on billions of dollars in promised revenue at the Kashagan field. According to media reports, the country alleged corruption tainted some contracts.

Exxon did not comment on the arbitration claims, nor did Shell. TotalEnergies referred questions about the arbitration claims to Kashagan’s operating company, which did not comment other than to say it operates responsibly and complies with the law. Eni said it is reviewing the arbitration claims but they “appear neither credible nor substantiated.”

None of these repercussions has affected Kulibayev’s immense wealth. His net worth — not including his wife’s fortune — has reached $5 billion, according to Forbes’ latest annual billionaires ranking.

He owns properties in the Czech Republic and in the German spa town of Baden-Baden; a medical clinic for “regenerative medicine” in Barcelona with multiple parking spaces; and a sprawling estate along Spain’s Mediterranean coast, an ICIJ review of corporate and land records found. Kulibayev’s 100-foot yacht, Sonny II, which he bought in 2014 for about $14 million, is moored in Barcelona.

Emails, invoices and other documents analyzed by ICIJ show that Kulibayev’s companies’ assets over the years have also included a $74.4 million Airbus A320 and a $55 million Gulfstream G650. Representatives for Kulibayev confirmed to ICIJ that his company “owns one private jet and has another on order”and that “once that jet is ready, he may sell the current one”.

In March 2020, APH Property Trust Ltd., where Kulibayev is listed as a “settlor” (the party who transfers assets into the trust), held residential property in the United Kingdom, according to documents that came from a trove of 100,000 leaked files from Genesis Trust, a Cayman Islands-based financial services provider.

The documents show that Kulibayev’s lavishly funded trust listed Gaukhar Ashkenazi, Kulibayev’s former partner, as its protector, or a kind of overseer.

A second trust, called Continuum Trust Ltd 2, held securities, private equity investments and artwork valued at more than $99 million in 2020, including a clay copy of Auguste Rodin’s “The Kiss.”

ICIJ couldn’t verify if the trusts are still active, as information about Cayman Islands-based trusts is not made public.

Farrer & Co, a London-based law firm representing Ashkenazi, said she is an independently successful businesswoman. The law firm asserted that the assets held by the APH trust were valued at about $49.6 million in March 2020.  The lawyers acknowledged that the APH Trust listed a pair of properties in London’s Kensington area, purchased in 2007.

By contrast with that immense wealth, many Kazakh citizens have continued to struggle with economic hardship. In January 2022, a sharp spike in fuel prices in Kazakhstan sparked protests and riots as citizens rebelled against corruption, poverty and inequality. At least 238 people died in the violence.

That same month, Kulibayev’s charitable foundation donated $4.2 million to health, education and other programs, according to his lawyers. That was part of $103 million they said his Halyk Charitable Foundation contributed to humanitarian causes since 2016, including $65 million to flood victims in Kazakhstan’s Atyrau region, where the Tengiz field is located.

His father-in-law, Nazarbayev, has disappeared from politics. But his name can be found across Kazakhstan: the airport, a university and a street in Almaty are named after him.

Meanwhile, Chevron has raised the cost of its massive Tengiz infrastructure project to $48.5 billion — up from $36.8 billion in 2016, an increase of 32% — fueling concern among investors.

The company says the partnership has “become a catalyst for boosting economies, creating jobs, supporting businesses, building communities, empowering people and advancing critical sustainable development goals.”

In the last 30 years, Chevron, Exxon and the other Tengizchevroil partners have paid more than $190 billion to Kazakh entities — for employees’ salaries, goods and services, and tariffs and fees paid to state-owned companies — according to a fact sheet published by the consortium last year. This also included more than $100 billion to the government over the past decade. That’s an average of $10.8 billion a year, making Tengizchevroil one of Kazakhstan’s largest taxpayers.

Reformist lawmakers say Kazakhstan suffers from the “oil curse” — which produces a mountain of cash but no democracy and little to lift the poor — since it signed the first contracts with Western oil companies. They have demanded audits, investigations and disclosure of all the contracts but the oil companies and the government of Kazakhstan have refused to make the contracts public.

“Nazarbayev’s circle, his relatives, sons-in-law, daughters became rich thanks to the fact that they have such a patron-father. There are a lot of such capable kids who could become billionaires if they had a father like Nazarbayev,” Yermurat Bapi, a member of Kazakhstan’s parliament and former newspaper owner, said in an interview with an ICIJ reporter in an Astana coffeehouse. “In our country, only Nazarbayev’s circle is engaged in oil and gas — others are not allowed,” added Bapi, who has a history of criticizing the government on corruption.

Meanwhile, Dutch media reported that prosecutors in the Netherlands  are looking into whether Dutch dredging company Van Oord had an improper financial relationship via an intermediary with the father of a son-in-law of Nazarbayev. They did not name the son-in-law.

Schillings said the elder Kulibayev has not been notified or questioned about that investigation. “As far as he is aware, he is unconnected to it,’ Schillings said.

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A coalition of advocacy groups has tried unsuccessfully to get the Biden administration to sanction Kulibayev and others in the Central Asian country.

They say human rights abuses go hand in hand with corruption in a country where “the ruling elite uses its power to appropriate the wealth of their nation by embezzling government funds and controlling money-making enterprises,” a confidential report submitted in 2021 to the U.S. State and Treasury departments says, calling for Kulibayev to be sanctioned for alleged corruption. “The line between public and private in Kazakhstan is thus virtually non-existent,’’says this report, submitted by Freedom for Eurasia and Kazakh NGO Liberty. “A small group of families dominate the business sphere, families who are at the same time involved in the country’s political system.”

During a sanctions debate in the U.K. House of Commons on the eve of the Russian invasion of Ukraine in February 2022, U.K. lawmaker Margaret Hodge called for investigations into Kulibayev and other Kazakh oligarchs with an eye toward imposing sanctions. “Evidence suggests that Kulibayev abused his position to accrue vast wealth,” she said.

The State Department did not comment on the advocacy groups’ report and the Treasury Department did not respond to multiple requests for comment. An officer at the U.K.’s National Crime Agency told ICIJ in May they did not investigate. The NCA spokesman declined to comment in November.

[The U.S.] has pressured Kazakhstan not to take any actions against the oil companies’ massive failures … It’s a comfortable arrangement for the oil companies, but it has cost the citizens of Kazakhstan dearly.— businessman James H. Giffen

In Washington, another call for a review of corruption in Kazakhstan came from U.S. Rep. Bennie Thompson of Mississippi, ranking Democrat on the House Homeland Security Committee. Thompson cited Kulibayev in House floor remarks about why the U.S. needs to upgrade its anti-corruption efforts to target kleptocrats. “Fighting corruption is an imperative for the United States,” Thompson said in 2021, urging his colleagues to pass a bill to beef up enforcement against kleptocracies and graft. “As a beacon of liberty and the rule of law, it is our duty.”

The bill, which would have created a fund from companies found liable under the Foreign Corrupt Practices Act, went nowhere.

In an interview with Columbia University’s Harriman Institute three years before his death in 2022, Giffen, the middleman who had helped negotiate some of the original deals with Western oil companies, said that Kazakhgate had as much to do with U.S. politics as with corruption.

“The U.S. government, under both Republican and Democratic administrations, has pressured Kazakhstan not to take any actions against the oil companies’ massive failures on Kazakhstan’s oil projects,” Giffen said. “It’s a comfortable arrangement for the oil companies, but it has cost the citizens of Kazakhstan dearly.”

Contributors: Will Dahlgreen, James Oliver (BBC); Marcel Rosenbach (Der Spiegel); Carina Huppertz, Hannes Munzinger (Der Spiegel/Standard/Paper Trail Media); Pelin Unker (DW Turkey); Ritu Sarin, Sukalp Sharma (Indian Express); Paolo Biondani, Leo Sisti (L’Espresso); Carola Houtekamer, Karlijn Kuijpers (NRC); Anuška Delić (Oštro); Roman Badanin, Mikhail Rubin (Proekt); Stefan Melichar (Profil); Manas Qaiyrtaiuly, Reid Standish (RFE/RL); Luc Caregari (Reporter.lu); Sylvain Besson (Tamedia); Vyacheslav Abramov (Vlast.kz/OCCRP); Olga Loginova, Paolo Sorbello (Vlast.kz); Naubet Bisenov, Nicole Sadek, Thomas Rowley, Peter Stone (ICIJ)

Mihai Craiu
Owner/CEO
Media Consulta International

Mayor of London, Sadiq KhanMayor of London, Sadiq Khan

Let’s be real: it’s not Netflix subscriptions and flat whites that are holding Londoners back from buying their first home, it’s surging house prices in our city.

For many Londoners in their 20s and 30s today, they’ve only known a world where wages have stagnated, where the cost- of -living keeps rising, and where house prices and rents go up and up.

Here’s the thing: we’ve finished building more new homes in our city than at any time since the 1930s, but the absolute mess left by the former government is going to have a catastrophic effect on homebuilding in the future.

We’re actually in the midst of the most difficult period for homebuilding in London since the global financial crash of 2008.

We know what needs to be done, but we need a long-term plan for funding from our new government to put spades in the ground.

It’s the only way to keep London building.