Kazakhstan to return illegally purchased assets worth 85 bln tenge, large enterprise to state property - Kazakh govt

ASTANA. March 29 (Interfax) - The commission on returning assets chaired by Kazakh Prime Minister Oljas Bektenov has approved a decision to return illegally purchased assets worth more than 85 billion tenge, the government press service said after a meeting.

"A number of agreements on returning illegally purchased assets worth in total more than 85 billion tenge have been approved. Among the assets returned to the state are residential and administrative buildings in Kazakhstan and abroad, shares in companies, expensive jewelry, [and] more than 10,000 hectares of land. In addition, a lawsuit seeking forfeiture to the state of an enterprise worth more than 10 billion tenge as an asset of unexplained origin, which earlier passed from the state to the control of a subject of the law 'On the Return to the State of Illegally Purchased Assets', has been approved," a report released on Friday said.

It was also reported that the commission has added two new individuals to the register of subjects of the law.

The state will continue returning illegally purchased assets, but pressure on businesses is unacceptable, the prime minister said. "All assets returned to the state will be used for socially useful purposes," Bektenov said.

On July 12, 2023, Kazakh President Kassym-Jomart Tokayev signed the law 'On the Return to the State of Illegally Purchased Assets', under which return mechanisms are applied to subjects of major corruption and oligopolistic groups which have merged with individuals who have administrative resources, i.e., connections and influence.

The law applies to subjects that are or were individuals holding responsible state posts, positions in state legal entities, subjects of the quasi-state sector, and also subjects affiliated with the stated persons.

In order for the provisions of the law to apply, individuals need to have assets worth in total more than the legally established threshold of 13 million monthly calculation indicators (one minimal calculation indicator is 3,692 tenge in 2024)

The first meeting of the commission on returning illegally purchased assets to the state took place in October 2023.

The official rate on March 29 is 448.15 tenge/$1.