A cargo airline backed by investment structures controlled by Timur Turlov plans to acquire a Boeing 777 in 2027, adding an aircraft investment to a broader effort to turn Karaganda, in central Kazakhstan, into an international freight hub.
Olga Baskakova, CEO of Turlov Private Holding, announced the plan at an October 8 press conference attended by a DKNews.kz correspondent. The event offered a closer look at Turlov’s private investment business, which now spans around 60 companies across aviation, cement manufacturing, gold and copper mining, logistics, technology, football and media.
Photographer Roman Dementyev
The aircraft proposal is particularly significant because the investment group already controls stakes in both cargo carrier Alatau Air Cargo and the company that owns Karaganda’s Sary-Arka International Airport. Together, those assets could support the development of international freight routes through Kazakhstan.
Why Alatau Air Cargo Wants a Boeing 777
According to Baskakova, the planned 2027 acquisition would support the aviation business associated with Alatau Air Cargo.
The airline focuses on freight rather than passenger services. Its development is linked to expanding international cargo operations and using Kazakhstan as a transit route.
The Boeing 777 family includes several variants, among them the purpose-built 777 Freighter, or 777F, designed to carry large cargo loads over long distances.
However, the company has not identified which variant it intends to acquire. It has also not disclosed the purchase price, financing or acquisition terms, or the routes the aircraft might serve.
The proposal concerns the cargo airline within the investment group’s aviation portfolio. Turlov Private Holding is an investor, rather than an airline operator.
How the Airline and Karaganda Airport Are Connected
Turlov’s investment in cargo aviation began before the Boeing 777 announcement.
In May 2024, Turlov Private Holding acquired 60% of Sky Service, the company that owns Sary-Arka International Airport in Karaganda. Yerlan Ospanov retained 35%, while Aidan Akanov held the remaining 5%.
The investment group subsequently took a stake in a cargo airline.
Alatau Air Cargo was originally established in October 2025 as KTZ Air Cargo. Its founder was KTZ Express, a subsidiary of Kazakhstan’s national railway company, Kazakhstan Temir Zholy.
In spring 2026, Turlov Private Holding acquired a controlling 50.98% interest in the carrier. Following an additional share issuance, KTZ Express held 49.02%.
The ownership structure later changed. In August, the controlling stake in Alatau Air Cargo was transferred to TPH Logistics Group Ltd., a subsidiary of Turlov Private Holding.
Turlov’s private investment group therefore controls the cargo airline through a dedicated holding company and owns a majority interest in the company behind Sary-Arka Airport.
That creates opportunities to develop air services alongside ground infrastructure. The airline and airport nevertheless remain separate legal entities.
Karaganda Targets 200,000 Tonnes of Annual Cargo
The proposed aircraft acquisition forms part of a broader ambition to develop Karaganda into an international air freight centre.
The CargoHUB Karaganda multimodal aviation hub project is being developed at Sary-Arka Airport.
According to official information from the Karaganda regional administration, the project aims to increase annual cargo handling from 15,000 tonnes to 200,000 tonnes—more than a tenfold increase.
It is also expected to create approximately 2,000 jobs by 2030.
The development extends beyond adding cargo flights. Plans include expanding logistics infrastructure, establishing new businesses and developing aircraft servicing.
A subzone of the Saryarka Special Economic Zone is also planned at the airport, where eligible businesses would be able to access incentives provided under Kazakhstan’s legislation.
Target markets include China–Europe freight, international transit and e-commerce shipments.
The airport already handles international cargo flights, including services from Ecuador, the Netherlands, Belgium and Southeast Asia.
DKNews.kz has previously covered the airport’s transformation and the QarGoCity cargo ecosystem project in detail.
Plans to expand the airline now add another element to the airport infrastructure programme.
The 200,000-tonne figure is a target for 2030, rather than a cargo volume the airport has already achieved.
Why Turlov Has a Private Holding Company Alongside Freedom
Turlov Private Holding Ltd. was established on July 19, 2021, and is registered at the Astana International Financial Centre.
Its founder and principal shareholder is Timur Turlov, best known as the founder of publicly traded Freedom Holding Corp.
The two investment structures operate on different principles.
As a public company, Freedom Holding Corp. is subject to requirements governing disclosure, corporate governance and the selection of assets.
Turlov Private Holding is a private investment vehicle that invests across different industries, including projects at an early stage of development.
The private structure allows investment decisions to reflect longer payback periods and the risks of individual projects.
Company materials also envisage the possibility of transferring certain assets to the public group at a later stage, provided they meet Freedom Holding’s requirements.
Assets owned by Turlov Private Holding do not automatically form part of Freedom Holding Corp. Having the same key shareholder does not mean the two companies have identical investment portfolios.
Gold, Cement and Aircraft: Building a Portfolio of Around 60 Companies
Turlov Private Holding has substantially broadened its investments over several years.
In 2023, it focused on industrial businesses and digital infrastructure.
Investments associated with that period include the Semey cement plant, Central Asia Gold Corp., Central Asia Gold Production, Ai Karaaul and AKASHI Data Center PLC.
These projects cover building materials, geological exploration, mineral extraction and computing infrastructure.
Transport and technology investments, including Sky Service, followed in 2024.
The company’s investment history for 2025 includes Alatau Air Cargo and Karaganda’s Shakhter football club.
For 2026, its presentation identifies Kursiv Media Holding, Musan Group and Tranzit Trans Logistics among the new additions.
Overall, the company listed around 60 businesses within its investment interests.
These businesses span manufacturing, infrastructure, transport, technology and services. Their financial performance consequently depends on different markets and economic conditions.
A 60% Stake in Tranzit Trans Logistics
Alongside aviation, the holding company is expanding its presence in ground logistics.
On April 17, 2026, Turlov Private Holding acquired a 60% interest in Tranzit Trans Logistics. Sultan Issin retained the remaining 40%.
The transaction was disclosed through the Kazakhstan Stock Exchange, known as KASE.
Following a change in the corporate structure, the private holding company also obtained a direct 25.77% interest in the related company TRC Logistics.
The deal broadens Turlov Private Holding’s transport portfolio.
The group already has investments in airport infrastructure and cargo aviation. Its portfolio now also includes businesses involved in ground transport.
However, the materials presented do not set out specific plans to combine these companies’ operations into a single logistics network.
Semey Cement Plant Reported Nearly KZT 2.4 Billion in Tax Payments
The press conference also presented tax payment figures for several companies within Turlov Private Holding’s investment portfolio.
The largest amount among the figures provided for 2026 was reported for the Semey cement plant: KZT 2,394,626,990.
The plant produces cement and building materials. Demand for its products is closely linked to housing, industrial and infrastructure construction.
The presentation provided the following tax payment figures for other companies for 2026:
| Company | Reported tax payments |
|---|---|
| Arlan Group | KZT 616.1 million |
| Med365 | KZT 258.2 million |
| Kursiv Media Holding | KZT 192.7 million |
| Central Asia Gold Corp. | KZT 124.8 million |
| Alatau Air Cargo | KZT 93.6 million |
| Sky Service / Sary-Arka Airport | KZT 42.1 million |
| Ai Karaaul | KZT 23.4 million |
Separate figures were provided for Freedom Drive. According to the presentation, the project paid approximately KZT 2.1 billion in taxes in 2025.
All figures were supplied by Turlov Private Holding. They relate to individual businesses and do not constitute consolidated financial statements for the private holding company.
Tax payments are also distinct from revenue or profit. The company did not disclose the total value of its investment portfolio or the combined financial results of all its assets.
KZT 15 Billion Allocated to Youth Football
Turlov’s investments also include projects outside industry and transport.
One area is children’s and youth football.
The presentation outlined a KZT 15 billion budget for the Freedom Youth Football League over four seasons.
The project is intended to support youth football and develop the wider sporting environment.
Karaganda’s Shakhter football club also appears in the private holding company’s investment history.
Turlov’s involvement in the club forms part of a broader effort to attract private investors to Kazakhstan’s football sector.
In an earlier extended interview covering business, digital ecosystems and his plans for Shakhter, the entrepreneur discussed the need for long-term investment in football infrastructure and player development.
Youth football funding and support for a professional club are separate projects. The league’s budget should therefore not be interpreted as the cost of acquiring or operating Shakhter.
Media Investments Added in 2026
The expansion of Turlov’s private investment business into media is another notable development.
Turlov Private Holding’s 2026 materials list Kursiv Media Holding and Musan Group.
Kursiv Media Holding operates business and news media. The presentation put its tax payments for 2026 at KZT 192.7 million.
Media businesses have different operating dynamics from industrial or transport assets. Their performance depends on audiences, advertising markets, reader trust and the sustainability of their business models.
The materials do not disclose Turlov Private Holding’s exact ownership stakes in the named media companies, transaction values or acquisition terms.
They therefore provide insufficient grounds to assess the assets’ financial value or draw conclusions about any influence new investors might have on editorial operations.
Olga Baskakova: Managing Turlov’s Private Assets
Olga Baskakova is responsible for the operational management of Turlov Private Holding.
Photographer Roman Dementyev
She serves as CEO and is a minority shareholder in the company.
Her responsibilities include managing non-financial assets, structuring investment projects, developing new business areas and supporting portfolio companies.
Born in Almaty, Baskakova holds higher-education qualifications in law, international economics and psychology.
She speaks Russian, English, French, German and Spanish.
A portfolio of around 60 companies presents a wide range of management challenges.
A cement plant depends on production capacity and construction demand. An airline must account for aircraft costs, maintenance and the amount of cargo it can attract to its routes. A media business works with advertisers and audiences.
Each requires its own management approach, even when the investor is the same.
Why the Karaganda Investment Matters for Kazakhstan
The Boeing 777 proposal offers a concrete way to examine Turlov’s investment strategy.
Turlov Private Holding owns 60% of the company behind Karaganda Airport.
Its investment structures also control Alatau Air Cargo, while KTZ Express retains a substantial minority stake.
Alongside those investments, CargoHUB Karaganda aims to increase cargo handling significantly and create new jobs.
The assets are complementary: an airline needs infrastructure, while an airport needs a steady flow of freight.
The economic outcome, however, will depend on attracting shippers, securing enough cargo for flights and offering competitive delivery costs.
A new aircraft alone cannot guarantee growth in transit traffic.
The group’s expansion across several transport segments is also significant. Tranzit Trans Logistics has joined a portfolio that already includes aviation assets.
For Kazakhstan, these projects could support international trade, warehousing and the handling of freight moving between Asia and Europe.
There is already a benchmark against which progress in Karaganda can be measured: increasing annual airport cargo handling from 15,000 tonnes to 200,000 tonnes by 2030.
A nearer-term milestone could be the acquisition of the Boeing 777 for Alatau Air Cargo announced by Baskakova.
The aircraft’s cost and intended routes remain undisclosed. Those details will help determine how far the purchase takes the company towards building a fully functioning international air cargo hub.
