Financial Crime World

Asset Recovery Strategies in Kazakhstan Yield Over $727 Million in Illegally Obtained Assets

Introduction

In a significant move towards demonopolizing the economy, Kazakhstan’s Asset Recovery Committee has 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.

Background on Asset Recovery Measures

Since 2022, measures to recover assets 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.

Properties and Securities Identified for Recovery

  • Over a thousand properties in Kazakhstan
  • Over 150 properties abroad
  • Securities worth 600 billion tenge (US$1.3 billion)

Bank Accounts and Suspicious Transactions Investigated

  • Over 200 bank accounts in the country
  • Over 140 bank accounts abroad
  • Suspicious transactions worth about 2 trillion tenge (US$4.47 billion) being investigated

Reclaimed Assets and Social Projects

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

Implementation of Social Projects

An important component of the asset recovery process is the implementation of social projects. For example:

  • Business entities have 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.
  • Enterprises have committed to high-tech investment projects worth 30 billion tenge (US$67 million), including 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).

Court Decisions and Asset Recovery

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 over $11 million and jewelry and cultural valuables worth 400 million tenge (US$895,000).