Construction Company Managers Misappropriated KZT 2 Billion
screenshot: FMA RK video
The Financial Monitoring Agency (FMA) in East Kazakhstan Region reports that two senior executives are under investigation for their role in a failed residential construction project in Oskemen.
The executives signed shared construction contracts for an apartment complex that attracted 102 investors, collectively putting in 1.8 billion tenge.
However, the project stalled repeatedly, with construction deadlines continuously extended until work ceased. Investigators later discovered that the company never had the legal capacity to collect the funds.
Both suspects have been arrested and are in pre-trial detention.
To compensate the victims and ensure confiscation, the suspects' property was seized for 2.3 billion tenge, added the FMA.
The agency declined to provide further details about the case, citing Article 201 of Kazakhstan's Criminal Procedure Code.
Original Author: Rimma Karatayeva
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