Dorstroytrest Head Sentenced to Seven Years for Embezzling State Funds

A court has sentenced Yerden Nurabayev, head of Dorstroytrest LLP, to seven years in prison for embezzling and misappropriating budget funds intended for a residential construction project, Orda.kz reports.

According to the Financial Monitoring Agency, an investment agreement was signed between Samruq-Qazyna Construction JSC and Dorstroytrest LLP. The contractor received an advance payment of 2.6 billion tenge, but the work was performed in violation of the contract and not completed on time.

A significant portion of the proceeds was used to pay off debts unrelated to the construction project and to purchase vehicles,
 the agency stated.

Investigators also found that 650 million tenge was funneled through fictitious contracts to affiliated companies and later cashed out. Some of the assets were registered under front names.

The court ordered the confiscation of property worth 131 million tenge.

Previous reports indicated that two cars worth 23 million tenge were concealed as assets. In total, five vehicles and an apartment valued at 170 million tenge were seized. The former managing director of Samruq-Qazyna Construction has been placed on an international wanted list.

Original Author: Ruslan Loginov