Kazakhstan Redirects Billions in Recovered Assets to Social Projects

ASTANA— The Asset Recovery Committee of the Prosecutor General’s Office approved claims for the return of illegally obtained assets worth over 325 billion tenge (US$727 million), including 272 billion tenge (US$608 million) in funds. The funds will be allocated to social and economic projects, reported on June 5 the Kazakh Prosecutor General’s Office.

Photo credit: Janalyq.kz.

Since 2022, measures to demonopolize the economy have led to the return of assets worth 1.7 trillion tenge (US$3.8 billion) to the state, including over $750 million from abroad. 

The Prosecutor General’s Office analyzed information on over a thousand properties in Kazakhstan and over 150 abroad. The analysis also covers securities worth 600 billion tenge (US$1.3 billion). Over 200 bank accounts in the country and 140 abroad were identified. Suspicious transactions worth about 2 trillion tenge (US$4.47 billion) are being investigated.

The state has also reclaimed assets worth over 50 billion tenge (US$111.8 million) domestically and abroad. These assets include strategic deposits, monopolistic companies, tens of thousands of hectares of land, production facilities, hotels, business centers, villas, apartments, luxury cars and jewelry.

An important component of the asset recovery process is the implementation of social projects. For example, some business entities voluntarily pledged to build a modern cultural and educational center worth more than five billion tenge (US$11 million), offering free services to people with special needs and socially vulnerable groups.

Other enterprises have committed to high-tech investment projects worth 30 billion tenge (US$67 million). These include production facilities for chemical and food products, pipes and packaging, creating at least 300 jobs. Annual tax contributions are expected to exceed one billion tenge (US$2.2 million).

The Asset Recovery Committee has filed numerous lawsuits, including cases regarding assets of unexplained origin. One court decision has already mandated the compulsory return of more than $11 million and jewelry and cultural valuables worth 400 million tenge (US$895,000).

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