AFM uncovers 60 million tenge embezzlement in Kyzylorda livestock project
This digest was compiled by AI from multiple sources — links to the originals are below.
The Financial Monitoring Agency (AFM) has uncovered the embezzlement of 60 million tenge from a livestock investment project in the Kyzylorda region. The funds were illegally transferred to accounts controlled by the suspect and cashed out. The suspect has been detained and the criminal case sent to court.
Key Facts
- The total project cost was 311 million tenge, with the corporation contributing 151.5 million tenge to the charter capital.
- The funds were intended for the purchase of 1,600 sheep, 130 cattle, and meat packaging equipment.
- 60 million tenge were illegally transferred to accounts of IP 'Nurai' and IP 'Abylaikhan' and cashed out.
- The suspect has been placed in custody, and the court has seized two vehicles belonging to him.
Project Background
In 2021, a joint venture, TOO 'Syzdyk Ata', was established with the participation of JSC 'SEC 'Baikonur'. The project aimed to develop meat livestock farming and provide residents of Zhanakorgan district with quality meat products at affordable prices. The corporation contributed 151.5 million tenge to the charter capital of the TOO. The funds were designated for purchasing 1,600 sheep, 130 cattle, and meat packaging equipment.
Embezzlement Scheme
After the livestock purchase, the head of the TOO organized a scheme to divert part of the funds. A total of 60 million tenge was illegally transferred to accounts of IP 'Nurai' and IP 'Abylaikhan' controlled by the suspect. The transferred funds were then cashed out.
Legal Actions
The suspect has been placed in custody. The court has seized two vehicles belonging to the suspect. The criminal case has been sent to court.