Sovereign wealth fund of Kazakhstan, Samruk-Kazyna, has decided to disband its management board

By Salar Ghahramani

Kazakhstan's sovereign wealth fund, Samruk-Kazyna, is dissolving its management board, which is chaired by the country's first president, Nursultan Nazarbayev. This move is likely an attempt to reduce the influence of the Nazarbayev family. The management council has been a consultative and advisory body focused on the fund's development and competitiveness. A draft law proposing amendments to legislation regarding the council's dissolution is being developed and will be submitted to the lower house of parliament after coordination with relevant government agencies.