Nazabayev's Family and Four Billionaires Lose Billions Amid Protests

According to Forbes magazine, during the protests in Kazakhstan, four Kazakh billionaires, including the daughter and son-in-law of the former president, have collectively lost $3 billion.

The share prices of two major banks, Kaspi and JSC Halyk Bank, plummeted as protesters began burning public buildings and toppling statues. Billionaire Vyacheslav Kim, who is the largest shareholder and president of Kaspi Bank, has lost $1.4 billion, with the bank's share value dropping by 30% from $118 on January 4 to $87 on January 6. As a result, Kim's estimated wealth fell from $5.7 billion to $4.2 billion.

Mikhail Lomtadze, the CEO of Kaspi Bank, has also seen a loss of nearly $1.4 billion, with his estimated net worth decreasing from $5.2 billion to $3.8 billion during the two nights of uncertainty in the country.

Dinara Kulibaeva, the daughter of Nazabayev, and her husband, Timur Kulibayev, have collectively lost $200 million as their shares in JSC Halyk Bank dropped by 16%.

It is worth noting that protests began in several areas of Kazakhstan on January 2, escalating into massive riots over the following days, with assaults on government entities. Thousands of people have been injured, and there are fatalities. President Kassym-Jomart Tokayev declared that anti-terrorist operations were necessary and called for assistance from the CSTO. In response, on January 7, CSTO collective peacekeeping forces were sent to Kazakhstan for a limited period.