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21 Jun 2012

Kazakh Millionaire Bolat Nazarbayev Files Lawsuit Against Luxury Condo In Miami

People who have kept an eye on the Miami luxury real estate market will know for a
fact that wealthy foreign property buyers from all around the world have been among
the most influential forces that have boost to the property market. However, in recent
news we find a different scenario as a Kazakh named Bolat Nazarbayez is reported to
be filing a suit against the St Regis Bal Harbour over a deal carried out five years ago.

Bolat is the brother of Kazakhstan’s president, Nursultan Nazarbayev, who is believed
to be a corrupt leader. After having purchased a luxury condo at the new St Regis Bal
Harbour in Miami for $1.2 million, Bolat is looking to file a lawsuit based on grounds
being that he was misled that he would be given a “private” balcony which he claims
is not private at all.

Such an ordeal could prove to be an embarrassment to the president of Kazakhstan as
its national are only going to be further convinced about the existing corruption in the
country since it showcases how instant billionaires have become of the people whose
relations to the president are considerably close.

While the country remains to be among the most stable areas within the post-Soviet
region due to its oil, gas, and mineral resources, its population remains very poor as
its leaders are believed to have been stealing billions from the state budget which is
clearly being used to support their luxurious lifestyles.

Ever since the president ran the state since its independence more than a decade ago,
he has taken full advantage of his position which he has been able to maintain with
the help of sham elections. Eventually, Bolat was granted a director position at the
country’s copper monopoly after which he decided to splurge by purchasing one of
the St Regis Bal Harbour’s most illustrious units.

The filed lawsuit mentions that the St Regis had misinformed him about the balcony
of his unit which poses a threat to him because of security reasons and now he wants
all of his money back. Nevertheless, the luxury condo purchase as well as the lawsuit
being filed against St Regis Bal Harbour are only going to prove as further evidence
of the on-going authoritarian regime which is loathed by the people of Kazakhstan.

Selda Kirkan
phone: +1.954.3056424