Kazakh Businessman Jailed for Defrauding Swiss Investor Out of 3.5 Billion Tenge

A case involving major fraud against a foreign investor has been concluded in Kazakhstan. A Swiss citizen, Cornelia Luc Yarchik, lost control over her share in a company, Orda.kz reports.

According to the Prosecutor General’s Office, in 2016 a Kazakh businessman used forged documents to carry out a transaction. He sold 80% of a stake in Rincom Management Company LLP, which belonged to the investor, for just 63 million tenge.

The company operated in the Ulytau region and was involved in the development of an iron ore deposit.

On April 27, 2026, the court found the man guilty of especially large-scale fraud. He was sentenced to six years and eight months in prison. Property obtained through criminal means will also be confiscated.

The court fully upheld the investor’s claim for 3.5 billion tenge.

Original author: Natalya Ovchinnikova

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