ASTANA – Kazakh Prime Minister Alikhan Smailov adopted a resolution dated Sept. 21 to create the returned asset management company with 100% state participation in its authorized capital.
The company will manage, ensure safety, and sell assets returned in the manner established by the law on returning to the state illegally withdrawn assets. The State Property and Privatization Committee of the Finance Ministry got the right to own and use the state share in the authorized capital of the company.
The resolution comes into force from the date of its signing.
According to the Kazakh government, the new law will not affect diligent investors.
Kazakhstan returned over 760 billion tenge ($1.6 billion) in illegally withdrawn assets, including $575 million from foreign jurisdictions, according to a May 12 statement of the country’s Prosecutor General Office.
In July, Smailov signed a decree approving the comprehensive action plan to combat the shadow economy for 2023-2025.