FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Tolkachev Valery
   2. Issuer Name and Ticker or Trading Symbol
BMB MUNAI INC [KAZ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
27 POKROVKA STREET, BUILDING 6		 3. Date of Earliest Transaction (Month/Day/Year)
07/18/2005
(Street)

MOSCOW, 1Z 105062		 4. If Amendment, Date Original Filed(Month/Day/Year)
06/22/2006		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/18/2005   A   31,759 A $ 0 (1) 31,579 (1) D  
Common Stock 06/20/2006   A   50,000 (2) A $ 0 (1) 81,579 (1) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options $ 4.75 07/18/2005   A   68,421   07/18/2005 07/17/2010 Common 68,421 $ 0 (1) 68,421 (1) D  
Options $ 4.75 06/20/2006   A   50,000   06/20/2006 06/20/2009 Common 50,000 $ 0 (1) 118,421 (1) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Tolkachev Valery
27 POKROVKA STREET
BUILDING 6
MOSCOW, 1Z 105062		   X      

Signatures

 /s/ Valery Tolkachev   06/25/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) See Remarks
(2) On June 20, 2006, Mr. Tolkachev was erroneously issued 40,000 shares. He should have been issued 50,000 shares. On June 10, 2008 an additional 10,000 shares were issued to Mr. Tolkachev to correct the error.
 
Remarks:
(1)  The Form 4 filed by Mr. Tolkachev on June 22, 2006 inadvertently erroneously listed under Box 5 of Table I and Box 9 of
 Table II an amount equal to the price of the securities or derivative securities he held multiplied by the number of such
 securities or derivative securities he held, rather than the cumulative total of securities and derivative securities he
 held.  The information reflected under "Price" in Box 4 of Table I incorrectly reflected the closing market price on the
 date of issuance.  Similarly, the information reflected in Box 8 of Table II incorrectly reflected the exercise prices of
 the options.  Mr. Tolkachev paid nothing for the stock grants and options.  They were awarded and granted to Mr. Tolkachev
 in recognition of services rendered in his capacity as a director of the Issuer.
    The information in this amended Form 4 reflects the correct price and beneficial holdings of securities and derivative
 securities of BMB Munai, Inc. held by Mr. Tolkachev as of the dates listed and as of the date of this amendment.

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