Kazakhstan’s Tycoons–Including Members Of Nazarbayev Family–Shed Billions As Stocks Plunge

, have lost a combined $200 million as the value of their stake in London-listed JSC Halyk bank fell 16%. The couple, whoestimates to be worth $3.1 billion each, owns a majority share of the bank, plus sprawling real estate and private investment portfolios.

Timur Kulibaev, age 55, rose up through the ranks in Kazakhstan’s natural mineral industry to become chairman of Samruk-Kazyna National Welfare Fund, later sitting on the board of Russian energy giant Gazprom. In 1992, during the early days of privatisation in Kazakhstan, Kulibaev formed the investment group Altyn Alma to capitalise on the country's emerging opportunities; his group later morphed into Almex LLP.

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