The Kazakh Commission has approved the return of assets acquired illegally
The Kazakh Commission on the Return of Illegally Acquired Assets has approved agreements for the voluntary return of assets worth over 40 billion tenge (US$ 90.5 million) to the state. This decision was announced during a meeting on April 29 chaired by Kazakh Prime Minister Olzhas Bektenov, as reported by the Prime Minister’s press service.
In addition to cash totaling more than 38 billion tenge ($86 million), the assets also include a business complex in Astana valued at 2 billion tenge ($4.5 million). The returned funds are earmarked for social purposes, particularly for mitigating the effects of flooding.
The commission further approved investment agreements worth 7 billion tenge ($15.8 million) for the construction of two infrastructure facilities in Astana and Shymkent by individuals subject to the law on the return of illegally acquired assets to the state. These projects aim to create employment opportunities and generate additional tax revenues.
According to the General Prosecutor’s Office, individuals have been transferring assets to offshore jurisdictions such as the Isle of Man, British Virgin Islands, Malta, Cyprus, Seychelles, and other countries, as reported by Kazinform on April 29.
“The National Crime Agency interacts with law enforcement agencies of Kazakhstan, including as part of our work to suppress the activities of corrupt elites and their accomplices. If the National Crime Agency’s activities result in the recovery of assets that have been unlawfully removed from overseas jurisdictions, we will work with partners in the UK and abroad to return them in accordance with agreed processes and legislation,” the UK agency said in a statement at the request of the Kazinform. (Source:astanatimes)
