Audit Finds 122 Billion Tenge in Inefficient Spending at Samruq-Qazyna — System Failures Identified

The Supreme Audit Chamber has completed an extensive review of Samruq-Qazyna and its subsidiaries, revealing widespread inefficiencies across financial management, digital systems, and internal governance, Orda.kz reports.

Last year, the fund generated 16.5 trillion tenge in total revenue, a net profit of 2.4 trillion, and 2.37 trillion tenge was paid to the state. However, despite strong earnings, auditors documented systemic failures and the collapse of major reform initiatives.

The 2018–2021 transformation program failed to meet its targets:

Instead of the planned indicators, only 154.5 billion tenge in actual benefits were achieved, which is half the plan. Three of the five committees of the board of directors are not functioning, and two of the seven committees of the Fund's management board have not been functioning since 2024.

The audit describes weak corporate governance, underreported performance indicators, and insufficient oversight of strategic execution. Problems in IT administration were also highlighted — only four out of seven digital platforms are operational, many companies still file financial reports manually, and 15% of regulatory documents are outdated or unused.

The holding remains bloated, according to the SAC:

• 326 companies across six management tiers
• 23 inactive legal entities identified since 2020
• 41 subsidiaries reporting losses by end of 2024
• Only 49 out of 175 investment projects completed

Audit figures the government flagged

• Inefficient use of funds: 122.2 billion tenge
• Financial violations: 351.8 million tenge
• System failures recorded: 119 instances

Some findings have already been referred to law enforcement. Administrative proceedings are expected in others.

Earlier, experts from the Research Institute of Auditing Activity accused Samruq-Qazyna of manipulating reports, claiming up to one-third of documents may contain distorted data, hidden losses, and questionable offshore-linked dividend repayment schemes.

Original Author: Ruslan Loginov