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The company never stopped trying to save its reputation in court. Last week the High Court of Justice in England and Wales acknowledged actions the SFO took against the company as illegal and said that the behavior of the legal firm Dechert, which was hired by ENRC to conduct an internal investigation, was inappropriate. Amid the trial that took years, ENRC reported serious reputational damage, delisting of its stocks and turning from a public company to a closed holding.

Investigation – delisting – investigation

On August 9, 2011, The Times, a British outlet published an article by David...

According to the press service of the Civil Aviation Committee, representatives from Boeing met with Talgat Lastayev, head of the committee. At the meeting, the two sides agreed that American specialists will provide training for personnel from Kazakhstan’s commercial airlines.

As the Boeing delegates noted, the main goal of the visit to Kazakhstan is to assist the country in improving control over flight safety and examine what the two sides can do to deepen their cooperation.

For instance, this potential cooperation may include issues such as improving Kazakhstan’s legislation to prepare it for the evaluation within the International Aviation Safety...

Kazakhstan’s high base rate is undoubtedly a difficult pill to swallow. Some people may say that such a bitter pill is often the most effective cure. However, almost every powerful medicine has some side effects and we always have to weigh the risks and benefits of this kind of monetary policy.

Those who support the record high base rate in the country (14 ± 1%) now insist that the government has to do everything to prevent the currency crisis in Kazakhstan. Previously, their main argument was control over inflation. However, there is no strong correlation between the base rate and...

According to new amendments to the country’s Tax Code, which were approved by the parliament on May 25, the cryptocurrency mining industry is going to be subject to differentiated taxation starting from January 1 next year.

Under the new rules, the rate of electricity payment will be linked to the average electricity price during an accounting period. For example, if the average cost of electricity is about $0.01-0.02 per kilowatt-hour, the payment rate will be $0.02; if the price is $0.02-0.03, the rate will be $0.016; if the price is $0.03-0.05, the rate will be $0.007; if the price is...

According to Olzhas Bektenov, head of the Anti-Corruption Agency, starting from the beginning of the year Kazakhstan has successfully returned to the state budget more than $517.7 million. Over almost five months, the agency identified more than 600 corrupt officials including 100 senior officials.

Moreover, the agency has taken some protective measures to prevent small and medium-sized companies from being illegally intervened by any officials.

«We’ve developed an algorithm of actions when any investigation activity must be approved by the headquarters,» the agency said in a statement.

The Anti-Corruption Agency along with the Atameken entrepreneur chamber has created a special...

According to the Bureau of National Statistics, the rate of migration to Kazakhstan has been growing since the beginning of the year. Over the first quarter, more than 4,000 people moved to Kazakhstan. This is a one-third surge over the same period in 2019 and twofold growth compared to last year. About half of the migrants came from neighboring Uzbekistan.

As the agency noted, the structure of migration has changed. For example, 41% of migrants who came to Kazakhstan last year were from Russia. This year the share of Russians dropped by 19% while the share of Uzbekistanis grew. In...

During the first three months of the current year, Kazakhstani exporters reported a record surge in exports thanks to favorable prices for commodities on the global market.

Kursiv Research is presenting this year’s first review of Kazakhstani exports to identify the key points of growth. Over the period from January to March, Kazakhstani exports grew by 65.8% and reached $19.1 billion – a five-year record. Energy products became key drivers of that surge. They have been on their high since March due to the Russian invasion of Ukraine.

Stable oil price and sulfur

Oil is the key export...

The relative of the ex-president of Kazakhstan Kairat Boranbayev, who is currently accused of embezzlement, failed to make a deal with McDonald’s in Russia. The information about the potential deal was announced by The Bell. However, in the late evening of May 19, the company revealed that it instead reached a deal with Alexander Govor, the chain’s franchisee in Russia.

According to the deal, Govor, who has been cooperating with McDonald’s since 2015, is going to buy all the chain’s portfolio in Russia. The businessman is going to develop the chain under a new brand.

«The deal must be approved...

In the first quarter of this year, Kazakhstan exported goods to Turkey for $1.2 billion and imported goods for $236.3 million. The turnover between the two countries during that period reached $1.5 billion, according to the Committee of State Revenues under the Ministry of Finance.

The vast majority of goods Turkey imported from Kazakhstan over the first three months are fuel and energy products (70.7%) at the cost of $885 million. The second most popular group of goods Kazakhstan exported to Turkey were metal and metal goods (25.9%) at the value of $324 million.

However, Turkey is also interested in...

The Agency for Regulation and Development of the Financial Market in Kazakhstan has issued a new rule concerning IT security in banks.

«Amid the growing threat of cyber attacks we have to strengthen security systems in the IT area in order to protect private data about clients, their accounts and financial transactions,» the agency said in a statement.

As the agency reported, the new rule requires commercial banks to put more efforts into IT security. Also, the document sets clear boundaries of responsibility between different banking departments that are key parts of the IT security system.

Moreover, the new rule...

McDonald’s built a huge business in Russia. However, after the invasion of Ukraine, the American company announced it is leaving Russia. Now the business community in the country expects that the chain might be purchased by somebody else. According to The Bell, the structures affiliated with Kazakhstani billionaire Kairat Boranbayev might be interested in a deal with McDonald’s over its business in Russia. As a result, the chain will be able to continue working under a new brand.

The «Regional Network of Catering Enterprises» (LLC SPP), which Boranbayev fully controls, runs McDonald’s restaurants in the Sverdlovsk, Orenburg, Chelyabinsk, Kurgan, Tyumen...

According to Ms. Azhar Giniyat, health minister in Kazakhstan, the country spent about $2 billion over 2020-2021.

In 2020, the government allocated $586 million for the fight against COVID. About $458 million was spent on additional payments to health workers, and $65 million was spent on acquiring drugs and personal protective equipment. Those medical workers who helped people during the pandemic received $46.5 million in payments in total. An additional $11.6 million was spent on ventilators.

In 2021, Kazakhstan allocated about $1.3 billion in an effort to stop the COVID from spreading. The largest part of this money, $961.2 million...

Karazhanbasmunay, an oil-producing company in Kazakhstan, has asked its employees to make sure they are sober while at work.

According to the official notice published on the company’s website, Karazhanbasmunay is pursuing a healthy and safe environment for its employees and will carry zero tolerance for alcohol, drugs and psychotropic substances at work.

The company said that its security service reported several cases when employees came to work drunk even though the company has always fought against this.

«The analysis of data shows that the vast majority of those who broke the rules are employees of our contractors,» the company’s...

As the Russian outlet RBK reported, Renault’s assets in Russia now belong to the Russian government.

«Renault Group has agreed to give the Russian Federation and the government of Moscow its assets in Russia; we’ve signed the agreement,» the Russian Ministry of Industry and Trade said.

As a result, the government of Moscow is going to own 100% of Renault Russia’s stocks. Another asset, a 67.69% share of AvtoVAZ, is going to fall under the control of the Central Research and Development Automobile and Engine Institute (NAMI), while Rostech will keep the rest of the AvtoVAZ’s stocks.

The principal point...

Arystanbek Mukhamediuly, former minister of culture in Kazakhstan and the current head of the National Museum of the Republic of Kazakhstan has published his video appeal to President Kassym-Jomart Tokayev. The ex-minister reminded the president about his merits to the country, said that his only goal is to contribute to the prosperity of Kazakhstan and asked to stop inspections in the museum.

As Mukhamediuly noted, several years ago there was an incident with the movie “Fenix.” The government allocated significant funds for the film production but its director Talgad Zhanybekov embezzled about $3 million. He was arrested and later acknowledged...

Kairat Satybaldy won’t be let free until June 13, according to Ulan Sarkulov, deputy head of Kazakhstan’s Anti-Corruption Agency.

«The investigation is still ongoing. We have to perform some expert examinations, so investigative actions are in the progress. As a result, yesterday the Nur-Sultan court approved the extension of the detention of Kairat Satybaldy in custody until June 13,» said Sarkulov.

Kairat Satybaldy was detained on March 13. According to the Anti-Corruption Agency he is accused of abuse of power and embezzlement of a huge amount from Kazakhtelecom. On March 15 he was arrested for two months by the court.

Kazakhstan is going to ban exports of white and cane sugar for six months, according to the order of the country’s Ministry of Agriculture.

«We plan to impose a six-month-long embargo on white and cane sugar exports from the territory of the Republic of Kazakhstan. The Ministry of Agriculture should inform the Eurasian Economic Commission about the embargo in the appropriate manner,» the ministry said in a statement.

Among those agencies which are going to implement the order is the State Inspection Committee in the Agroindustrial Complex under the Ministry of Agriculture and the State Revenues Committee. The order must...

The holding Samruk-Kazyna which runs almost all national companies in Kazakhstan is aimed at preventing its companies from falling under international sanctions. To achieve this goal, the company’s internal compliance service examines any agreement that the holding’s members are going to sign, according to Dauren Akshalov, head of the compliance service in Samruk-Kazyna.

As the official noted, the service is implementing a wide range of tasks and the task of preventing the risk of secondary sanctions is one of them.

«This is sanctions compliance. When we are going to sign a contract, we have to make sure that a potential...

According to Erulan Zhamaubayev, minister of finance the government is going to allocate about $36.8 million to conduct the country-wide referendum. The main goal of the plebiscite is to know what people think about the amendments to the Constitution of Kazakhstan.

«We are going to allocate $36,817,600 from the state budget to cover costs of the upcoming constitutional referendum. The final figures were given to us by the Central Election Commission. The government has taken a respective decision and the funds will be allocated,» Zhamaubayev said.

On May 5, President Kassym-Jomart Tokayev signed the law on amendments to the Constitutional...

According to Forbes Kazakhstan, Dariga Nazarbayeva is back on the list of 50 richest businessmen in Kazakhstan. The daughter of the first country’s president Nursultan Nazarbayev is ranked 13th with a fortune of $584 million.

Dariga Nazarbayeva was on the Forbes Kazakhstan List twice in 2012 and 2013. She was also ranked 13th at that time, although her fortune back then was bigger – $593 and $595 million respectively.

Nazarbayeva and her son Nurali Aliyev (26th in the rating) own Europe Plus Kazakhstan. Through this company, they also control shares in Radiocity radio station and NTK TV channel. Among other...

According to news reports from Baikonur Cosmodrome, local authorities detained Benjamin Rich from the U.K and Alina Tseliupa from Belarus as they had tried to penetrate the closed area near Site No. 112 at the Baikonur Cosmodrome in Kazakhstan. They were charged with unsanctioned entry to a guarded site, an administrative offense that was punished with a fine of about $74, and driven out of town.

The information about the incident went viral when Dmitry Rogozin, head of Roscosmos, a space agency in Russia, posted the news on Telegram. According to Rogozin, both foreigners have been put in custody while...

More than 15,000 Kazakhstanis, who work in the non-alcohol beverage industry may lose their jobs because of the shortage of sugar in the country, according to the association.

Now the organization is trying to catch the attention of the government to the risks that the entire industry currently faces. Many Kazakhstani sugar producers can’t keep up with the demand. They sell sugar by limited parties and only to those who have made a full payment while many beverage producers struggle with a lack of liquidity. At the same time, sugar prices are going up. For example, over the past several...

I’ve always pursued an atmosphere of trust around myself and I am doing so because of several reasons.

First, trust is the very foundation for my business. My clients trust me because they give our company their money, often quite a significant part of their savings. If I lose their trust, I lose my business. This lesson I’ve learned since the very start of my career as an entrepreneur.

Second, as a businessman and head of a big company, I do not doubt that there are loads of benefits when people you work with trust you. People, who work in...

A private bailiff has called out a distrained property of Azia Avto in Ust-Kamenogorsk from an auction. The auction was initiated to sell the production site of the company and pay off its debt to Jusan Bank. The auction was canceled when the court received a letter of complaint from Anatoly Balushkin, a founder of Azia Avto.

According to data from a bailiff, the starting price of the manufacturing site was about $11.8 million. To take part in the auction its participants were also obliged to pay $594,347 as a security deposit.

The authorities cited Balushkin’s letter of complaint as...