Kazakhstan's Commission for the Recovery of Illegal Assets secured the return of KZT 40 bn (over $90 mn) previously held by Kazakh oligarchs. These funds have been integrated into the nation's revenue and are designated for social purposes, including flood relief efforts.
The Kazakh government's press service relayed via Telegram: "Agreements on voluntary return to the state of illegally acquired assets totalling more than 40 billion tenge, of which more than 38 billion in cash, as well as a business centre in Astana worth 2 billion tenge have been approved."
The Commission approved investment agreements totalling KZT 7 bn ($16 mn). According to these agreements, those affected by the law on the return of illegally acquired assets are required to construct two infrastructure facilities in Astana and Shymkent. The government noted that these projects are expected to generate new jobs and increase tax revenues.
In July 2023, President Kasym-Jomart Tokayev signed a law aimed at the return of assets acquired illegally, including those moved out of the country. This law impacts both individuals and legal entities.
Following severe floods that began in late March, an emergency regime was declared in ten regions of Kazakhstan, with more than 100,000 people evacuated.
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