Kazakhstan probes $2.9 mln embezzlement at Syrymbet tin mine rail project

September 8, 2026 at 04:13 AM2 min

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Kazakhstan's Financial Monitoring Agency is investigating the alleged embezzlement of 380 million tenge ($2.9 million) in budget funds allocated for railway and utility infrastructure to the Syrymbet tin deposit in North Kazakhstan Region. The unfinished state-funded rail link has not stopped private operator Tin One Mining from investing about $100 million in 2026. The regional administration has signed a new 150 billion tenge memorandum with the investor to support the project.

Key Facts

The Financial Monitoring Agency's North Kazakhstan department is investigating embezzlement during construction of a railway spur and utilities to the Syrymbet tin deposit, with unfinished work valued at 380 million tenge.
The 2017 contract was signed between the regional energy and housing department and TOO Akcent KZ under the Business Roadmap 2020 program, with a total value of 1.4 billion tenge.
Suspects include the head of the contractor and the former head of the energy and housing department; a court has frozen three apartments and a parking space.
Tin One Mining, operator of the Syrymbet project, plans private investment of about $100 million in 2026.
The North Kazakhstan akimat signed a new memorandum with the investor worth 150 billion tenge to support the project.

Embezzlement Investigation

The Financial Monitoring Agency's North Kazakhstan department is investigating the theft of budget funds during construction of a railway spur and utilities to the Syrymbet tin deposit in Aiyrtau district. The 2017 contract was signed between the regional energy and housing department and TOO Akcent KZ under the Business Roadmap 2020 program, with a total value of 1.4 billion tenge. Construction was to be completed in 2018, but deadlines were repeatedly extended and work remains unfinished. Investigators estimate the value of actually unperformed work for which budget money was paid at 380 million tenge. Suspects include the head of the contractor and the former head of the energy and housing department; a court has frozen three apartments and a parking space.

Syrymbet Project Status

Syrymbet is the only tin deposit in Kazakhstan and the largest in Central Asia. Despite the unfinished state-funded railway, Tin One Mining, the project operator, continues work. The company's private investment in 2026 is estimated at about $100 million. The North Kazakhstan akimat has committed to comprehensive support for the project, including expedited document approval and help resolving infrastructure problems. A new memorandum worth 150 billion tenge was signed between the akimat and the investor.

Contractor Record

TOO Akcent KZ has previously been involved in disputes over missed deadlines and improper performance on several projects. The company has repeatedly appeared as a defendant in lawsuits brought by state bodies.