Industrial Asset Returns to State Control in Kazakhstan

The Prosecutor General's Office has secured the return of substantial real estate holdings belonging to the Almaty Heavy Machinery Plant (AZTM), Orda reports.

This includes over 37 hectares of land and 94 non-residential buildings totaling nearly 80,000 square meters. 

The Almaty prosecutor's office identified illegal property sales and successfully challenged these transactions in court.

We have identified instances of illegal sale of the plant's property. As part of the execution of the supervisory act, the State Property and Privatization Committee filed a lawsuit to invalidate the transactions. The court granted the claim, and the appeal upheld this decision, the supervisory authority reported.

The case has ties to Bolat Nazarbayev, the late brother of Kazakhstan's former President.

In March 2023, the Supreme Court ordered him to return 31.9% of AZTM shares to the state, which he had acquired in 2007 under unfulfilled contract terms.

While ownership information is restricted in official databases, AZTM's website indicates the plant has two major shareholders: Nurbol Nazarbayev (50% stake since 2010) and Edgar Salduzi (50% stake since 2020).

Original Author: Nikita Drobny