AFM investigates 380 million tenge embezzlement at Syrymbet tin project
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The Financial Monitoring Agency's North Kazakhstan department is investigating the embezzlement of 380 million tenge in budget funds during construction of a railway line to the Syrymbet tin deposit. The 1.4 billion tenge contract was signed in 2017 with TOO Akcent KZ, but the facility remains unfinished. A court has seized three apartments and a parking space from the suspects.
Key Facts
- The total value of the state procurement contract for the Syrymbet railway project was 1.4 billion tenge.
- The cost of actually unperformed work is estimated at 380 million tenge.
- The Syrymbet deposit is the only tin deposit in Kazakhstan and the largest in Central Asia.
- The suspects are the head of the contractor organization and the former head of the Energy and Housing Department.
- The court sanctioned the seizure of three apartments and a parking space.
Investigation Details
The Financial Monitoring Agency's North Kazakhstan department is investigating the embezzlement of budget funds during construction in the Aiyrtau district. In 2017, the Energy and Housing Department signed a contract with TOO Akcent KZ under the Business Roadmap 2020 program. The contract covered construction of a railway access line, internal track development, and utility networks to the Syrymbet deposit. The total value of the state procurement was 1.4 billion tenge. Completion was originally planned for 2018, but the project timeline was repeatedly extended.
Syrymbet Deposit Significance
The Syrymbet deposit has strategic importance for the region and is the only tin deposit in Kazakhstan and the largest in Central Asia. In 2024, gold mining company Solidcore Resources (formerly Polymetal) acquired 55% of the deposit from Lancaster Group for $82.5 million. Lancaster Group was founded by four partners: Nurlan Kapparov (deceased), Erbolat Dosayev, Berik Kaniev, and Yuri Pak. Kaniev and Pak are on the Forbes list of Kazakhstan's wealthiest businessmen. In August 2026, Solidcore's subsidiary Tin One Mining signed a memorandum with the North Kazakhstan akimat to build a mining and processing plant.
Suspects and Asset Seizure
The suspects in the case are the head of the contractor organization and the former head of the Energy and Housing Department. With court sanction, three apartments and a parking space were seized. The investigation is ongoing, and other information is not subject to disclosure under Article 201 of the Criminal Procedure Code.