The non-executive chairman of London-listed airline Air Astana Group has been arrested on suspicion of corruption.
Kazakhstan’s National Security Service said on Thursday Nurlan Zhakupov, who is also chief executive of the wealth fund, Samruk-Kazyna, alongside his role at the air carrier, had been arrested.
The airline group, which is the flag carrier of Kazakhstan, said on Friday it “notes the detainment of the CEO of Samruk-Kazyna”.
“The group continues following the update,” Air Astana said.
The airline carrier, which is listed on the London Stock Exchange’s main market, operates a fleet of 65 aircraft split between it’s full service carrier, Air Astana, and its lower-cost domestic subsidiary, FlyArystan, and serves over 94 routes in 21 countries.
Stay in the know
Three daily briefings with the key market moves and top business and political stories.
SUBSCRIBE HEREZhakupov, who has been the air carrier’s non executive chairman since was arrested alongside Yelzhas Otynshiyev, chairman of the Kazakhstan Temir Zholy (KTZ) railway company, and other unidentified individuals.
The wealth fund said it was cooperating with investigators, according to Reuters.
Samruk-Kazyna said on Thursday in a statement on its website the wealth fund and its companies within the group “continue to operate as normal”.
“All commitments to investors, creditors, international financial institutions and business partners remain in full force and are being honoured in accordance with the terms of existing agreements,” it said.
Samruk-Kazyna also controls major assets across various sectors in Khazakhstan, including transport, telecoms, and infrastructure. Alongside Air Astana it also operates the country’s state gas and oil company, KazMunayGaz.
Air Astana, which was previously half-owned by British defence giant, BAE Systems until March this year, officially listed on the London Stock Exchange in February 2024, as well as two domestic exchanges in Kazakhstan.
The group looked to raise $120m across both exchanges before the dual-jurisdiction listing to pump into a series of new routes and bolster its low-cost airline Flyarystan.
Samruk-Kazyna and Air Astana Group did not respond immediately when contacted for comment.