The Nazarbayev foundations controlled Jusan through an Kazakh entity called Pioneer Capital.
Pioneer in turn was owned by three Kazakh educational foundations over which the former dictator has presided, including the Nazarbayev Fund, regulatory filings show.
Boies Schiller Flexner, a US law firm that represents the Nazarbayev Fund, said ownership of Jusan was handed to a US non-profit organisation as a charitable donation before the end of 2021.
The new owner is Jysan Holdings LCC, a company which in turn is owned by NU Generation Foundation, a non-profit group.
Aslan Sarinzhipov, the chief executive of the Nazarbayev Fund and Nazarbayev’s education and science minister between 2013 and 2016, is the president of NU Generation Foundation.
Boies Schiller said the people and entities involved with the new structure are independent of Nazarbayev and the purpose of the venture is to fund Kazakhstan’s Nazarbayev University and other educational projects.
Even before the change in ownership, Nazarbayev did not personally benefit from Jusan. Although he chairs the fund…