Kazakh leader dismisses son in law from $80 billion fund

27.12.2011 - 13:01

Kazakhstan’s president, Nursultan Nazarbayev, has dismissed Timur Kulibayev, his son in law, from his post as CEO and Chairman of the Management Board of the sovereign wealth fund, Samruk-Kaznya after  oil and gas workers staged a strike, which turned into rioting that left 16 dead and over 100 injured.

The fund has an estimated value of $80 billion and either owns fully or in part important parts of the economy, including national rail and postal services and KazMunayGas, the state oil and gas company.

Deputy prime minister Umirzak Shukeyev is to take over at Samruk-Kaznya and is under international pressure to investigate the causes of the violence, which has affected the nation’s carefully tended reputation for stability.

The unrest centred on the south western city of Zhanaozen. According to officials, 10,000 troops have been sent to the area.