On April 21-22, one of the leading practical conferences on anti-corruption and risk management in Europe took place in London: C5’s London Forum on Global Anti-Corruption, Compliance & Risk Management 2026.
Over 100 participants from more than 20 countries and 15 industries gathered in the UK. The main political speaker was Matthew Wagstaff, Director of Legal Services at the Serious Fraud Office (SFO), the UK’s main body for investigating major cases of fraud, bribery, and corruption.
“It’s business as usual for the SFO… a new Director certainly doesn’t mean any change in approach to our core mission. Our focus over the coming months centers on three areas: delivery, disclosure, and innovation. That means more investigations, more prosecutions, and continuing to modernize how we work,” said Wagstaff.
The head of the UK anti-corruption body stressed that cooperation with international partners will become one of the main priorities.
“We’re strengthening our international partnerships, hosting our first international conference next month,” promised Wagstaff.
Indeed, the question of how long the UK will remain a “safe haven” for questionable capital has been one of the hot topics of domestic and foreign policy in recent years.
Friends and critics of Great Britain from different parts of the world believe that London has created and supports a two-faced system: at the level of demonstrative rhetoric, it is a fighter for democracy and transparency, while at the level of practice, it is a comfortable “harbor” for those who have robbed their peoples and countries.
Of course, this is subject to the availability of large amounts of capital to pay for this “service.”
We recognize that an unofficial industry has developed in the UK over the decades, serving the interests of dubious individuals with criminal records. It includes elite law firms that masterfully exploit loopholes in legislation to block extradition requests for years, immediately labeling any criminal case in their homeland as “political persecution.”
British PR agencies have learned how to whitewash the reputation of foreign corrupt officials, turning them into “persecuted oppositionists” or “patrons” in the eyes of Western society.
Real estate agents have been turning a blind eye to the origin of funds for a long time, which has turned the London housing market into a giant safe for storing stolen money.
One such case concerns Kazakhstan and is the subject of a major journalistic investigation by Frontline Press that demonstrates the current situation in the UK housing market.
Kazakhstan is a Central Asian country rich in resources, where President Nursultan Nazarbayev ruled for decades following the collapse of the Soviet Union. In January 2022, his oligarchic entourage attempted to provoke violent riots throughout the country to maintain their influence and limit the power of the legitimate President, Kassym-Jomart Tokayev.
Nevertheless, the second president of Kazakhstan—a former senior UN official—skillfully handled the situation and continues to lead the country toward democratization and respect for human rights.
However, as Kazakh experts told us, representatives of the so-called “Old Kazakhstan” still possess vast wealth and continue to “throw a wrench in the works” from abroad, attempting to manipulate public opinion within Kazakhstan.
The Nigmatullin brothers are among the most prominent representatives of this “Old Kazakhstan,” a circle associated with corruption, impunity, and criminality.
The twin brothers are now reportedly successful “entrepreneurs” in the UK and the Middle East. Their lobbyists and lawyers are prepared to frame any potential prosecution in the UK as “political pressure.”
“The master of the region”
One of the brothers, Nurlan Nigmatulin, was considered one of the most enduring “heavyweights” of Kazakh politics for nearly two decades. The career of the elder twin was built on demonstrative loyalty to President Nazarbayev and strict control over his stronghold in Karaganda, a region rich in coal and metals.
As a regional leader, Nigmatulin rose to become the Speaker of the lower house of Parliament, where he cultivated the image of a strict arbiter who publicly chastised ministers and politicians for incompetence. At the same time, Nurlan’s political influence was inseparable from the activities of his twin brother, Yerlan, an “entrepreneur.” In Karaganda, the brothers’ influence became so pervasive that they were popularly dubbed the “masters of the region.” While Nurlan held the spotlight, Yerlan remained in the shadows, managing major business projects.
The twins were credited with controlling foundries, ferroalloy plants, and bakeries. Since 2022, reports have emerged from entrepreneurs claiming the Nigmatulin brothers used administrative resources and law enforcement agencies to seize promising businesses—a practice known as “corporate raiding.” In international investigations, including testimonies in the British Parliament in 2022, Nigmatulin was identified as part of a “kleptocratic elite” involved in corruption schemes and capital flight.
The situation for the Nigmatulin family has shifted radically. Investigative journalists and civil society activists in Kazakhstan have moved from quiet observation to pursuing open cases. Public figures are now questioning the family’s vast foreign real estate portfolio. While working in government, it would have been impossible to legitimately acquire assets whose total value is now estimated to exceed $1 billion.
According to Radio Free Europe/Radio Liberty and the Current Time TV channel, the former Speaker practically vanished from the public eye following his resignation in February 2022, despite the fact that no official charges have been brought against him yet.
In March of this year, it was reported that Yerlan Nigmatulin was arrested in Portugal. Media reports indicate the family owns expensive real estate in the country, which may complicate potential extradition proceedings. The family’s villa is located in the southern resort town of Quarteira. The property is registered to a Maltese company, Heartwood Limited, reportedly owned by Nigmatulin’s wife, Naile Belbayeva. The mansion’s value is estimated at approximately €5 million.
Quarteira is a prominent resort on the Atlantic coast, known for its long beaches, elite golf courses, and high-end infrastructure.
Assets in London.
Our investigators have gained access to interesting documents that directly indicate that Nurlan Nigmatulin’s son, Madi Nigmatulin, has a luxury apartment on Bolsover Street, London, W1W.
The housing was purchased in June 2025 from Bolsover Property Limited for 4.2 million pounds. He was only 21 years old at the time of purchase.
Assets in Dubai.
Investigations by Radio Free Europe/Radio Liberty and the Current Time TV channel have revealed that Nurlan Nigmatulin spends much of his time at a family villa in Dubai. On the shores of the Persian Gulf, his wife, Venera Baymurzayeva, reportedly owns 50 separate properties. Among them is a luxury villa spanning 860 square meters in the “Living Legends” development, valued by realtors at approximately $1.5 million.
The wife of the former Speaker of the Majilis has become a significant real estate mogul in Dubai. Her holdings include a 500-square-meter apartment in the Fayruz residential complex, valued at $1.8 million, as well as several properties in downtown Dubai. By the most conservative estimates, the total value of her Dubai portfolio exceeds $20 million.
When journalists attempted to contact Nurlan Nigmatulin to inquire about the source of the funds for these acquisitions, they were unable to reach him. Venera Baymurzayeva answered the phone but hung up immediately when questioned.
Nigmatulin is not the only former Kazakh official with significant holdings in the UAE. An apartment in the Bahar residential complex belongs to the family of his brother, Argyn Nigmatulin, who also held government positions in Kazakhstan for many years. The property, worth $350,000, is registered in the name of his wife, Naila Belbaeva.
When asked about the funds used for the purchase, Argyn Nigmatulin stated that he was now a pensioner and requested that journalists stop calling him.
“Have we committed a crime? Did we do something wrong?” he declared.
The family’s footprint extends further into luxury developments across the Emirates. For instance, Nurzhan Nurlanov was found to own five apartments in SEAPOINT Tower 2, with an estimated total value of $6.3 million.
And here, on Madi Nigmatulin (the youngest son), the elite townhouse “Fairooz 8” in the complex “Al Fairooz” is decorated, the market price is $ 1.4 million.
In addition, M.Nigmatulin manages a commercial space in the Binghatti Aquarise building under construction in a prestigious area of Dubai for $8.7 million.
Nurlan Nigmatulin’s wife, Venera Baymurzayeva, also has real estate.
in MESKTOWER ($1.4 million), BAHAR 6, Marriot JVC, and The Royal Oceanic-1 ($684,000).
MESKTOWER Residential COMPLEX
BAHAR Residential COMPLEX
The Royal Oceanic-1 Residential Complex
Assets in Istanbul.
According to Turkish databases, apartments worth 413 thousand dollars are registered for V.Baymurzaeva.
This case shows that the capital of individual immigrants from the CIS has a dubious origin in their homeland. Its legalization and whitewashing in the UK now raises questions from our friends in Kazakhstan and around the world.
And in today’s conditions of geopolitical instability, London needs to actively promote business interests in new parts of the world, including Central Asia.
Given that any business is based on the principles of trust and transparency, our partners abroad expect adequate cooperation from the British authorities in the fight against international criminality and corruption.
Margaret Hodge, a prominent anti-corruption campaigner and member of the House of Lords from the Labour Party, has served as the UK Anti-Corruption Champion since December 2024.
Baroness Hodge continues to lead the fight against “dirty money” flowing from post-Soviet countries. She maintains a sharply critical stance toward the former political and business elite of Kazakhstan, whom she consistently accuses of kleptocracy, corruption, and the laundering of illicit funds—effectively “robbing their own people.”
She has repeatedly stressed: “Britain should never thrive on dirty money.”
Previously, Margaret Hodge stated in the British Parliament that representatives of the Kazakh elite from the former government had funneled billions of dollars abroad. According to her, these funds were heavily invested in luxury real estate and various assets across the UK.
Therefore, a critical question remains: will Baroness Hodge be able to draw the authorities’ attention to the origin of the wealth held by the individuals featured in our investigation today?
