Kazakhstan’s National Security Committee (KNB) has confirmed the detention of the heads of the state-owned Samruk-Kazyna sovereign wealth fund and the national railway company Kazakhstan Temir Zholy (KTZ). Nurlan Zhakupov and Yelzhas Otynshiyev are suspected of involvement in a corruption-related offense. Both organizations play a central role in Kazakhstan’s economy: the fund manages some of the country’s largest state-owned assets, while KTZ operates its railway network, including freight transit between China and Europe.
According to the KNB, which announced the detentions on November 12, the two executives were taken into custody the previous day during an operation conducted by the KNB’s Anti-Corruption Service. Other individuals were also detained. The agency said investigative procedures were underway but declined to disclose details of the alleged offense, citing Article 201 of Kazakhstan’s Criminal Procedure Code, which restricts the disclosure of information from pretrial investigations.
Nurlan Zhakupov had headed Samruk-Kazyna since April 2023. The sovereign wealth fund holds assets in the oil and gas, energy, transportation, and telecommunications sectors. Its portfolio includes the national oil and gas company KazMunayGas, uranium producer Kazatomprom, KTZ, and other major Kazakh enterprises. In March 2025, Zhakupov briefed President Kassym-Jomart Tokayev on the fund’s investment portfolio, which comprised 130 projects worth more than $100 billion.
Yelzhas Otynshiyev became head of KTZ on July 20, 2026. He previously held senior positions at Samruk-Kazyna, overseeing strategy and asset management. The fund is the railway company’s sole shareholder.
KTZ manages Kazakhstan’s mainline railway network and is involved in developing the Trans-Caspian International Transport Route, commonly known as the Middle Corridor. The route connects China with European markets through Kazakhstan, the Caspian Sea, Azerbaijan, and Georgia, allowing freight to bypass Russia. The company is also preparing for an initial public offering (IPO), which would open it to private investors.
Otynshiyev’s detention coincided with the introduction of new Stadler passenger railcars into service. On November 11, the first train equipped with the new cars departed Astana for Almaty after repeated launch delays. The operator received the first 51 cars in December 2025, but technical issues, including concerns about the braking system, delayed their entry into service. According to KTZ, Stadler Kazakhstan will compensate the railway company for additional costs arising from the delay. The contract calls for the delivery of 557 railcars by 2030. The next service using the new cars is scheduled for November 13 on the Astana–Semey route.
Kazakhstan’s Prime Minister Olzhas Bektenov had previously criticized Samruk-Kazyna’s management on November 4 for delays in implementing investment projects. However, the KNB has not suggested that either the investment-project delays or the Stadler contract is connected to the investigation.
As of November 12, law enforcement authorities had not disclosed the specific nature of the alleged corruption offense or announced formal charges against Zhakupov and Otynshiyev. Their detention does not constitute a finding of guilt.
The Times of Central Asia previously reported that, according to World Bank estimates, developing the Middle Corridor through 2040 will require at least $25 billion to modernize transportation infrastructure and another $30.5 billion for logistics centers, industrial zones, and related projects. The bank has also recommended improving governance at state-owned transportation companies, including more transparent tariffs and greater private-sector participation.
