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Kenes Rakishev Climbs While The Others Fall

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Crisis is always shuffling peoples roles and positions. Forbes list of top influential Kazakhstanis is no exclusion. With oil and gas prices faltering many businessmen lost their wealth. Kenes Rakishev was able to climb one important grade further.

The collapse of oil and gas prices, geopolitical unrest and the pandemic caused by the worst virus in a century — all this dealt a heavy blow to traditional business. But not all investors and businessmen in Kazakhstan were affected by it so much. Some managed to save capital and even increase it. Among them is venture capitalist Kenes Rakishev, Forbes reports.

This year, the publication of the rating of the richest businessmen in Kazakhstan was postponed from May to October – in the spring, uncertainty was high and it was not clear how the pandemic would affect the global and domestic economy. Everything, however, turned out to be better than it could have been, especially for big businesses and some industries like gold mining and telecommunications. Nevertheless, the total wealth of Kazakhstan’s top 50 decreased by $3.62 billion to $25.08 billion. That lead to massive reshuffle: those who relied on high-tech and diversified business benefited from the slump. Kenes Rakishev is exactly in this pack.

Billionaires lost one club member and $3.7 billion in a year. In the last year their total wealth was $16.4 billion, this year it is $12.7 billion. The average net worth was $501.7 million, down from the previous rating by $72.3 million. Thus, the pandemic and the fall in commodity prices have pushed large Kazakh businesses five years back, when the combined wealth of the top 50 was $25.52 billion.

Kenes Rakishev
Kenes Rakishev

With a fortune of $ 890 million, Kenes Rakishev is ranked sixth in the Forbes ranking.

Kenes Rakishev owns 50% of Fincraft investment house JSC (former BTA securities JSC), 95.85% of Fincraft Resources JSC (former SAT & Company), 100% of Fincraft Group LLP (former Novacom Corporation LLP), a stake in Standard Insurance company JSC and 18.3% of NetElement fintech company, whose shares are traded on Nasdaq.

In past Kenes Rakishev owned 98.19% of BTA Bank JSC. Since 2015, BTA Bank does not have a banking license, but it owned banks of the same name in Kyrgyzstan, Belarus and Ukraine. In 2019, 93.21% of BTA Bank CJSC in Kyrgyzstan was sold and its subsidiary BTA Moscow LLC was registered. In June 2020, 29% of BTA Bank JSC was transferred to Fincraft Group LLP as a contribution to the authorized capital, and 68.79% was transferred to trust management without transfer of ownership rights. Kenes Rakishev manages assets of the bank.

Kenes Rakishev is the Chairman of the Board of Directors of Fincraft Resources JSC. He is the chairman of the of the Association of young entrepreneurs of Kazakhstan “Atameken” national trade chamber. Kenes Rakishev is known as co-founder of the first private charity fund in Kazakhstan. Kenes Rakishev is active investor in high-tech startups in robotics, AI and decentralized computations.

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