Kazakhstan recovers $3.7 billion in illegally withdrawn assets

According to the General Prosecutor’s Office of Kazakhstan, since 2022, authorities have seized about $3.7 billion of illegally withdrawn assets; $750 million were reclaimed from abroad. Furthermore, the government has already prepared lawsuits to claim an additional $725 million.

«The General Prosecutor’s Office is analyzing data on more than 1,000 pieces of property in Kazakhstan and more than 150 assets abroad. About $1.3 billion worth of stocks have been analyzed as well. We’ve found more than 200 banking accounts within the country and 140 abroad. There are suspicious transactions amounting to around $4.4 billion under rigorous review,» the agency said in a statement.

The General Prosecutor’s Office reported that the State Commission on Reclaiming Illegal Assets has already approved agreements and lawsuits to reclaim $725 million in assets, including $607 million in cash.

The government has also received assets in Kazakhstan and abroad worth more than $111 million. Among those assets are several strategic natural deposits, monopolies, tens of thousands of hectares of land, production facilities, hotels, business centers, villas, apartments, luxury cars, and jewelry, among others.

In late May, some media outlets reported that the asset recovery commission approved the reclaiming of an additional $524 million. The government is also going to receive stocks, land parcels, and a building in Almaty.

The context: In July 2023, President Kassym-Jomart Tokayev signed a law on the recovery of illegally obtained assets. As the Akorda (the official residence of the president in Kazakhstan) noted, recovery measures would be applied to subjects associated with corruption and oligopoly, who have close tie to those with power and influence. The law can be applied to former high-ranking officials, subjects of the quasi-state sector and any other subjects affiliated with these individuals. Moreover, the law might target people owning assets worth around $100 million.

Among those who have returned illegally obtained assets to the government are Kairat Satybaldy, a nephew of Ex-President Nazarbayev, Arystanbek Mukhamediuly, former minister of sport and culture, and the fugitives from the Operator ROP legal case.