FMA Uncovers Billion-Tenge Coal Sale Scheme on Commodity Exchange
Photo: Pixabay, illustrative purposes
Kazakhstan’s Financial Monitoring Agency (FMA) has exposed an illegal coal sales scheme involving the Modern Trading Solutions commodity exchange. The exchange’s management allegedly allowed only those entrepreneurs who made illicit kickbacks to participate in trading, Orda.kz reports.
By law, coal exchange trading should promote fair competition and transparent pricing.
However, investigators found that artificial barriers were implemented to exclude independent traders. Their applications were rejected, accreditation deadlines were delayed, transactions were left unsigned, and trading results were deliberately canceled.
To maintain control over the scheme, 23 fake brokerage firms were registered under the names of relatives and trusted associates.
The monopolization of the market led to inflated prices and social tensions ahead of the heating season. The group’s illicit profits exceeded 2 billion tenge, which was cashed out through controlled companies, the FMA reported.
Three exchange executives were arrested, while another suspect has been placed on the wanted list.
Original Author: Ruslan Loginov
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