The National Security Committee says Nurlan Zhakupov, Yelzhas Otynshiyev and unnamed officials are suspected of a corruption-related offense. Their organizations remain in operation, the fund says.
Kazakhstan’s anti-corruption service detained Nurlan Zhakupov, head of the Samruk-Kazyna sovereign wealth fund, and Yelzhas Otynshiyev, head of national railway company Kazakhstan Temir Zholy (KTZ), on 11 November. The National Security Committee said the two and other unnamed officials were suspected of a corruption-related offense.
KTZ is a subsidiary of Samruk-Kazyna, which holds state stakes in major Kazakh businesses. The railway company operates the country’s main rail network, carrying passengers and freight.
The committee said investigative actions were underway to establish the circumstances. It did not describe the alleged conduct or disclose formal charges or a court decision. The committee said other information about the pretrial investigation could not be disclosed under Article 201 of Kazakhstan’s Criminal Procedure Code.
Samruk-Kazyna said it was cooperating with law enforcement and providing requested information. The fund said it and its group companies continued to operate normally, and that commitments to investors, creditors, international financial institutions and business partners remained in force and were being honored.
KTZ declined to comment on the detentions, OCCRP said.
Zhakupov took charge of the fund in April 2023 and has also chaired KazMunayGas’s board since May 2025. Otynshiyev became KTZ’s management board chairman in July 2026, after serving as the fund’s managing director for strategy and asset management.
Samruk-Kazyna holds about $87.5 billion in assets. KTZ said its network carried 319.9 million metric tons of freight in 2025, including domestic cargo and traffic between China and Europe.
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