As we previously revealed, publicity-shy Shukhrat Ibragimov has made an art of flying under the radar. He has successfully acquired an impressive array of oligarch luxuries – a $200 million yacht, a private jet and an exclusive Dubai beachside property – without any real scrutiny.
Sadly for Ibragimov junior, the anonymity he once enjoyed came to an end when he was unmasked as the new owner of Forte Village luxury Sardinian resort Forte Village in a secret backroom deal with previous owner and sanctioned Russian businessman Musa Bazhaev. In happier news, Ibragimov has since been announced as the new chairman of Eurasian Resources Group – a prize he has long coveted.
Questions are swirling though over how untested Ibragimov saw off other challengers to secure this position. Did it perhaps have something to do with a multi-million dollar investment deal with Kenes Rakishev whose father-in-law is the influential Imangali Tasmagambetov?
Ibragimov would have been all too aware of the importance of the Kazakh government’s endorsement of him as chairman given the state’s 40% stake in ERG. And as current Secretary-General of the influential Collective Security Treaty Organization (CSTO), Tasmagambetov certainly has the ear of President Kassym-Jomart Tokayev and could have put in a good word for young Ibragimov.
Corporate records in the US show that in February 2023, via a BVI-registered company called Belphar Ltd, Ibragimov ploughed $23 million into Rakishev’s struggling noodle and ramen business, Borealis Foods Inc. The cash injection earned him 15.1% of the company as well as a position on the board.
Unfortunately for Ibragimov, while the $23 million investment may have helped secure his position as ERG chairman, he is unlikely to see that money again judging by Borealis’ current fortunes. In May 2024, the company reported earnings per share of -49 cents and has adjusted its expansion plans to ease the company’s financial pressures. Soon after, Borealis embarked on a stock buyback programme in a further sign of the company’s ongoing struggles. Not even celebrity endorsement in the form of world-renowned chef Gordon Ramsay has turned the failing business around.
Some of Ibragimov’s western business partners may also blanch at his choice of friends given Rakishev’s controversial track record. Ramzan Kadyrov, the blood-soaked Kremlin-backed leader of Chechnya, whose militia were pivotal in Putin’s invasion of Ukraine, called Rakishev ‘dear brother’ and has been pictured embracing the magnate on numerous occasions. Rakishev has also struck up a close friendship with President Joe Biden’s convicted son Hunter who he described as ‘my brother from another mother!’
$23 million down the drain and a reputation-damaging new friendship – Ibragimov has paid quite the price to secure his position as ERG chairman…
Source: www.rucirminal.info
