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    Kazakhstan

    Kazakh businessman returns $195mn worth of assets to state but still receives six-year jail sentence

    Kazakh businessman returns $195mn worth of assets to state but still receives six-year jail sentence

    Kazakh businessman Kairat Boranbayev has made a voluntary decision to return assets valued at over KZT 90bn ($195.4mn) to the state, the Financial Monitoring Agency of Kazakhstan informs.

    Kazakh businessman returns $195mn worth of assets to state but still receives six-year jail sentence.
    Sourec: Sputnik

    These assets include an oil field, a gas distribution company, a service company, a hotel and shopping and entertainment complexes, a network of fitness centers, office buildings, and more. Additionally, Boranbayev has contributed KZT 30bn ($65mn) to the Education Infrastructure Support Fund.

    The returned assets will be placed under the control of state entities and companies, with the funds directed toward the development of educational infrastructure, as per the agency's statement. It's worth noting that Boranbayev had previously paid KZT 14.5bn ($31.5mn) in damages as part of an investigation into the embezzlement of natural gas imports.

    Aysultan Nazarbayev with Alima Boranbayeva
    Source: Il Fatto Quotidiano

    Kairat Boranbayev was a prominent figure among Kazakhstan's 50 wealthiest and most influential businessmen. His daughter, Alima Boranbayeva, was previously married to Aysultan Nazarbayev, the grandson of former president Nursultan Nazarbayev, who passed away in August 2020. Boranbayev was arrested in March 2022 and accused of embezzling a significant sum of funds.

    In March of the same year, a court in Astana sentenced Boranbayev to eight years in prison, along with two other defendants in the case, Roman Nakhanov, CEO of "AziaGazChunja," and Tair Januzak, former deputy chairman of the board of "KazaqGaz." They were all found guilty of embezzling KZT 14.5bn (nearly $30mn) during the resale of gas to the national company.

    Kairat Boranbayev and other in the court.
    Source: Informburo

    However, in the summer, the criminal trial panel overturned the verdict due to the absence of an original document indicating the gas price. Recently, Boranbayev signed a procedural agreement with the Astana Prosecutor's Office, resulting in a six-year prison sentence with property confiscation for him and similar sentences for Nakhanov and Januzak. All three individuals were also banned from public service for life.

    *Kazakhstan has recently enacted a law permitting local businessmen to return unverifiable assets to the state without facing legal consequences. This law grants entrepreneurs immunity from liability when they voluntarily disclose and return such assets.

     

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    16.09.2023, 17:25   Comments (0)   3590
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