Kenes Rakishev, an international entrepreneur, philanthropist and former special envoy of the Kazakhstan government, is leading the charge for an upcoming Nasdaq listing of Borealis Foods Inc.. He is included in the “Top 50 Wealthiest Businessmen of Kazakhstan” and “Top 50 Most Influential Businessmen of Kazakhstan” lists by Forbes magazine. In Forbes’ list of the wealthiest businessmen in Kazakhstan for 2021, he holds the 9th position with a capital of 950 million dollars.  

Rakishev is President of Fincraft Group and Net Element; a global publisher of online destinations and business services on a custom technology platform for internet and mobile distribution. He is also a member of the Board of Directors of Fastlane Ventures, a Moscow-based investment company that focuses on developing the Russian online business sector. Rakishev is one of the founders of Singulariteam, a series of investment funds dedicated to assist and support early-stage start-up technology companies.

When Kenes Rakishev launched Oxus SPAC – a special purpose acquisition company designed to acquire companies and take them public on the American stock market, analysts speculated on what exactly he would invest in. Kenes Rakishev is known for his broad interest in robotics, battery technologies, communications, and innovations. No one expected Rakishev to choose an extremely unusual sector and put effort and money into the food industry. Kenes Rakishev took the company Borealis Foods public. The company is famous for its environmentally friendly and trendy products, and for its further growth, Kenes Rakishev enlisted the world-class culinary star Gordon Ramsay.

Borealis Foods, a company specializing in food technology innovations, responsible for popular brands like Chef Woo and Ramen Express, has announced the addition of Gordon Ramsay, a renowned Michelin-starred chef and international businessman, as a consultant and brand ambassador.

Kenes Rakishev is leading the charge for Borealis Foods and Oxus Acquisition Corp. to be listed as public companies on Nasdaq by the end of 2023. Borealis Foods is dedicated to developing highly nutritious and functional food products that are cost-effective and environmentally sustainable, with a focus on addressing global food security issues. Partnering with Gordon Ramsay will enable Borealis Foods Inc. to reach new heights and expand production, while remaining an innovative producer of high-quality food products.

“We warmly welcome Gordon Ramsay as a strategic partner and consultant, contributing his culinary expertise, business acumen, and global recognition to help us achieve our goals,” said Reza Soltandez, the founder and CEO of Borealis. “His partnership will strengthen our mission to address the challenge of providing accessible, nutritious protein-based meals, which many people in the USA and around the world face.”

Kenes Rakishev establishes Oxus Acquisition Corp.: A new chapter for Borealis Foods

Kenes Rakishev, a successful businessman from Kazakhstan and experienced investor in high-tech startups, has founded Oxus Acquisition Corp., which made significant progress by the end of February, finalising a business consolidation agreement. The resulting merged entity will retain the name Borealis Foods Inc. It’s anticipated that after the deal’s completion, Reza Soltandez, CEO and co-founder of Borealis, along with Barthélémy Helg, Chairman and co-founder, will lead the company. The proposed deal, valued at $150 million, received approval from the boards of directors of Borealis and Oxus.

Gordon Ramsay commented on the partnership, stating, “In the current crisis of rising costs of living and global food price growth, the issue of food security becomes more pertinent than ever. After speaking with Reza, I realized we share a common vision about the importance of providing nutritious and delicious products that are affordable. I already have several exciting ideas, and I look forward to collaborating with the Borealis Foods team on their Chef Woo products in the coming months.”

Chef Woo Ramen: A mission of nutrition and affordability

Chef Woo Ramen, developed by Borealis Foods’ subsidiary Palmetto Gourmet Foods, was created to offer healthy, affordable, and convenient meals for those who lack access to proper nutrition. Chef Woo Ramen is the world’s first plant-based ramen noodles, providing 20 grams of complete protein per serving.

Borealis Foods Inc. is dedicated to developing highly nutritious and functional food products that are cost-effective and environmentally sustainable, with a focus on addressing global food security issues. This mission aligns with Borealis Foods’ goals of making a positive impact on human life and the environment.

Partnering with Gordon Ramsay will enable Borealis Foods Inc. to reach new heights and expand production, while remaining an innovative producer of high-quality food products.

Borealis Foods and Oxus Acquisition Corp. plan to be listed as public companies on Nasdaq by the end of 2023.

Kenes Rakishev career development

• 1998-1999: Advisor to the Road Safety Fund under the Ministry of Internal Affairs of the Republic of Kazakhstan.
• 2000: Manager at JSC “KazTransGas.”
• 2000-2002: Specialist, Head of Marketing Department in the Materials and Technical Supply Department at JSC “Intergas Central Asia.”
• 2002: Head of the Renewable Energy Department at JSC “KazTransGas.”
• January-October 2003: First Deputy CEO for Export at LLP “Trade House KazMunayGas.”
• 2003-2004: Deputy CEO for Marketing at JSC “KazTransGas.”
• 2004-2005: CEO of LLP “Mercury.”
• Since March 2005: Vice-President of the Trade and Industry Chamber of the Republic of Kazakhstan, a member of the Board of Directors of Vyborg Shipbuilding and Astrakhan Shipyard.
• Since November 2006: Chairman of the Board of Directors of the industrial holding SAT & Company, from September 2007 to December 2019 – Chairman of the Management Board of SAT & Co (renamed to JSC “Fincraft Resources” in 2018).
• Since November 2007: Member of the Board of Directors of JSC “Kazakhstan Petrochemical Industries.”
• 2012: Member of the Presidium of the Business Association NEP “Union “Atameken .”
• 2012: Chairman of the Presidium of the Public Association “Association of Young Entrepreneurs of Kazakhstan.”
• 2013: Member of the Youth Policy Council under the President of Kazakhstan “Zhass Kenes.”
• February 14, 2014 – March 29, 2018: Chairman of the Board of Directors of JSC “BTA Bank.”
• 2014-January 2015: Independent Director of JSC “National Company “Kazakhstan Engineering.”
• 2015-2018: Member of the Board of Directors, Chairman of the Board of Directors of JSC “Kazkommertsbank.”
• Since 2019: President of the Kazakhstan Boxing Federation.
• Since 2019: External Advisor to the Minister of Foreign Affairs.
• Since February 2021: President of Fincraft Group.

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Kenes Rakishev (Keñes Hamitūly Raqyşev) aka Kenges Rakishev is an entrepreneur, philanthropist, former special envoy for Kazakhstan, head of the Kazakh boxing federation, a family man, and most importantly, a man of success. Under Kenges Rakishev’s leadership, the Kazakh female and male boxing squad leaped considerable forward and secured the top ranking in the recent boxing championship putting Kazakhstan boxing squarely in the top ranking in the world. A total of 21 medals were won by the Kazakhstan’s boxers – a tally of six gold, seven silver and eight bronze – and all were honoured at a ceremony in Almaty last November. 

The backstory of Kenges Rakishev in business and his philanthropies is a complex one and is an interesting read with the Kazakh millionaire serving the interest of Kazakhstan, when he brought a number of top criminals in Kazakhstan to justice. An Israeli spy attempted to hack his account, is now serving time for his criminal hacking activities and falsifying entire email strings with the help of an Indian company. 

The question to ask is, why the fake news that was generated with considerable expense was aimed to destroy a routine career of a successful young entrepreneur? 

The answer is found in the plots of one person, Mukhtar Ablyazov, a Kazakh businessman who is on the run. On 5 July this year, the French court order the fugitive to leave France within the next 30 days. The deadline will expire on 5 August 2023. 

More interestingly and a fact largely overlooked, where Mukhtar Ablyazov’s connection to an “assassination” of the Deputy president of the BTA Yerzhan Tatishev, initially claimed as a “hunting accident”. But the true murderer, Muratkhan Tokmadi was apprehended and he claimed that Ablyazov gave the orders to kill the bank chair. He was sentenced to more than ten years on March 16, 2018. The case was declared as a premeditated murder by the Kazakh prosecutor. The fate of Ablyazov, who operates a fake NGO in Brussels that was identified as acting on behalf of the Russian foreign intelligence service, is linked to the recent MEP bribing scandal of an Italian former parliament member and the Greek former speaker of the EU parliament. The French court has withdrawn his political asylum status after the U.S. court in New York found Ablyazov guilty on fraud and money laundering charges. 

Kenges Rakishev was born on Bastille Day, the French national day on July 14, 1979. The 44-year Kazakh millionaire is an interesting study of human success. Ultra boyishly shy, he is the poster boy of President Kassym-Jomart Tokayev’s “New Kazakhstan” vision for the future and better Kazakhstan. He received his education in the UK, married into the Kazakhstan elite clan and positioned quietly in the affairs of the state. Kenges’ wife, Aselle Tasmagambetova is the daughter of the former prime minister and holds a success story of her own. Together, the couple represents the future blueprint of a modern centrality at the crossroads of Central Asia, Europe, and Asia, and are still deeply embedded in Kazakh culture.

Kenges Rakishev is an entrepreneur, philanthropist, former special envoy for Kazakhstan, head of the Kazakh boxing federation, a family man, and most importantly, a man of success. 

Besides his fast rise to stellar fame, Kenges Rakishev has his ups and downs. Though it seems there is more ups than downs but unfortunately, he is targeted by smear campaigns by international hackers and fake news campaigns ‘journalists-for-hire’ funded by powerful crime figures. Such was the reality of his life. There were bizarre claims on his character, especially one made by one of Europe’s experienced journalists, which resulted in a public apology to the Kazakh former special envoy to US.

Looking past the many smears and attempts of insults, Kenges Rakishev is a successful businessman and tech investor in Kazakhstan, with interests in various industries, including mining, technology, and finance. Both husband and wife are actively involved in philanthropy work and generously supporting various causes and organizations in Kazakhstan and abroad.

However, Rakishev’s success and wealth have also made him a target of criticisms and scrutiny, especially in the context of Kazakhstan’s complex political and economic landscape. Some critics have accused him of benefiting financially and socially from his close ties with the Kazakh government.

Amidst the false reports, it is important to note that he and his family have not been charged or sanctioned by any U.S. or European government. Due to his tech savviness and careful business acumen, he rose to become an influential and well-connected individual in Kazakhstan. He was never involved in any illegal or unethical activities. While he may have had dinners and taken photographs with political leaders, it was all done all in a day’s work for Kenges whose aim was to do his job as appointed by the President Tokayev and the Kazakh government.

One such controversy was his so-called connection with an organized crime figure, Felix Sater. Sater has criminal history links to organized crime in New York, acted as an informer on the New York mob, the Russians and bizarrely, Osama bin Laden too protected him from jailtime. In 2019, a federal judge unsealed a 5k1 letter that outlined the extent of Felix Sater’s cooperation with law enforcement authorities. His cooperation was taken into consideration during his sentencing. Evidently, Sater’s testimonies on the mob at the U.S. House Intelligence Committee were viewed with some scepticism. In 2019, Vice ran an article that raised questions about Sater’s credibility and the accuracy of his claims. The article highlighted concerns about Sater’s criminal history, his associations with organized crime figures, and his tendency to exaggerate or fabricate his connections to influential individuals. While Sater’s credibility may be debatable, however it does not invalidate his statements and claims.

And then there’s Mukhtar Ablyazov, Rakishev’s long drawn political opponent. Once a media darling of the liberal press, his novelty has worn off. He was chairman of the board of directors at BTA Bank, where he was later found guilty of embezzlement and money laundering of the bank’s funds. Ablyazov was found guilty and convicted in the United Kingdom and in the United States, while the future for this fraudster and his associates looks dim in France. In early March 2022 a French court rejected his political claims and request for political asylum.

The U.K. Supreme court opening statement pointed out that Ablyazov executed an “elaborate attempt to conceal his assets” to avoid prosecution by the bank, at the time when the bank, BTA was nationalized. The U.K. courts frowned upon Ablyazov and his associates’ positions. The appeals by the Mukhtar Ablyazov and his associates were rejected by the U.K. Supreme court.

Mukhtar Ablyazov has since fled from U.K after a 22-month jail sentence in the UK court was handed down. Currently, he is rumoured to be in political exile in either France or Spain. On December 9, 2016, the highest French court (Conseil d’état) banned the extradition of Ablyazov to Russia and Ukraine. The U.K. court orders chose to explicitly illustrate the frauds committed by Mukhtar Ablyazov.

While Ablyazov was under investigations, the Kazakh administration executed a controlling stake holding on BTA Bank and appointed at the time a person the Kazakh state trusted. Kenges Rakishev was this man. Rakishev managed to save the company, fixed it and sold his stake. Mergers and acquisitions are his specialty after all.

“It was a national security crisis”, a person close to the matter spoke on grounds of anonymity. “Despite the western media celebrating Mukhtar Ablyazov as somewhat a hero, the truth is rather different”, she said. The criminal courts in the United Kingdom, the United States and now France has taken him into account, thus the ex-banker has limited room to move around in the European Union.

“The president looked around and when it came to the critical moment, he turned to Kenges Rakishev to save the employees, the bank and honestly, save Kazakhstan. It was a national security crisis. Rakishev has done his job and he was compensated, which is normal.” she added. “Once the job was done, he left, sold his shares and he went back to look after his family.” So Kenes saved the day. And saved the bank.

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