Shy oligarch Shukhrat Ibragimov has become a true master in the art of remaining inconspicuous.

While flying below the public radar, he has successfully amassed an impressive array of oligarchic luxuries - a $200 million yacht, a private jet and an exclusive beachfront property in Dubai.

Unfortunately for Ibragimov Jr., the anonymity he once enjoyed came to an end with the revelation that he owned the luxury Sardinian resort ForteVillage in a secret backroom deal with Musa Bazhaev, the resort’s previous owner and sanctioned Russian businessman. In better news, Ibragimov has since been named the new chairman of Eurasian Resources Group, a title he has long coveted. 

But questions are now being raised about how the inexperienced Ibragimov beat out other contenders to land the job. Is it connected to a multi-million dollar investment deal involving Kenes Rakishev, whose father-in-law is Kazakhstan’s influential Imangali Tasmagambetov? 

Ibragimov must have been well aware of the importance of his endorsement by the Kazakh government for the post of board chairman, given the state’s 40 percent stake in ERG. At the same time, as the current secretary general of the Collective Security Treaty Organization (CSTO), Tasmagambetov certainly enjoys the favor and trust of President Kassym-Jomart Tokayev and could put in a good word for the young Ibragimov with the president. 

U.S. corporate records show that in February 2023, Ibragimov, through a British Virgin Islands-registered company called Belphar Ltd, invested $23 million in Rakishev’s struggling noodle and ramen business, Borealis Foods Inc. The cash infusion earned him a 15.1% stake in the company, as well as a seat on the board. 

Unfortunately for Ibragimov, while the $23 million investment may have helped him land the ERG chairmanship, he’s unlikely to see that money again, given the current state of Borealis. In May 2024, the company reported EPS of -49 cents and adjusted its expansion plans to ease the financial pressure. Shortly thereafter, Borealis embarked on a share buyback program, another sign that the company remains in serious trouble. Even celebrity endorsements from world-renowned chef Gordon Ramsay haven’t helped turn around the failing business.

Some of Ibragimov’s Western business partners may also take issue with his choice of friends, given Rakishev’s checkered track record. Ramzan Kadyrov, the blood-soaked, Kremlin-backed leader of Chechnya whose militia played a key role in launching the SVO in Ukraine, called Rakishev his “dear brother” and has been photographed hugging the businessman on multiple occasions. Rakishev has also developed a close friendship with President Joe Biden’s jailed son Hunter, whom he calls “my brother from another mother!” 

With $23 million down the drain and a new friendship undermining his reputation, Ibragimov has indeed paid a high price to become ERG chairman...