Social climber Shukhrat Ibragimov is ending his business relationship with Kenes Rakishev (wallet and old friend of Ramzan Kadyrov) and establishing friendly ties with the son of the President of Kazakhstan, Timur Tokayev, reported by rucriminal.info.
The rapidly developing friendship between Shukhrat Ibragimov, CEO of Eurasian Resources Group, and Kazakh oligarch Kenes Rakishev, has suddenly ended. The partners jointly invested in the failing Canadian noodle business under the Borealis Foods brand, as well as recently in the large coal mine "Shubarkol." However, as often happens, their disagreements escalated over money – or more precisely, due to the lack of necessary funds in the case of Borealis Foods.
For Ibragimov, when one door closes, another opens. The young ambitious businessman, who has always lived in the shadow of his late father Alijan, reportedly found a new friend in the person of Timur Tokayev, the only son of the president. As representatives of the elite, Shukhrat and Timur undoubtedly easily find common ground discussing how to enjoy the benefits of Kazakhstan’s kleptocratic regime.
As a true social climber, Ibragimov even convinced Tokayev Jr. to invest in Alif Bank, a fintech group focused on Central Asia, where he himself has already invested 30 million USD. Timur’s share amounting to 2.6% in the bank is formalized through the Swiss bank CBH and Jefferson Capital Holdings Limited, the parent company of Alif Bank, managed by Tajik financier and Ibragimov’s right-hand man, Khofiz Shakhidi.
This new friendship has become a real success for the rising Ibragimov, who now needs connections in high places more than ever. His track record, marked by a series of failures, and his awkward start as head of ERG have alarmed Kazakh ministers, who reportedly rushed to find him a replacement. Moreover, Ibragimov experienced the ultimate humiliation when he was ignored at a recent meeting between the country’s business leaders and the president.
Can the new influential friend help Ibragimov rehabilitate his image and save his sinking career? Or will the aggrieved Kenes Rakishev attempt to undermine his former ambitious friend’s career?