Kazakh Company Sent $16 Million To China, Got No Goods And A Huge Fine

A company in Pavlodar Region transferred more than $16 million to China but never received the goods, Orda.kz reports.

The company was fined more than 1.5 billion tenge for violating currency legislation.

The violation was identified by employees of the tariff regulation department of the State Revenue Department in Pavlodar Region.

According to the department, the Kazakh company signed a contract with a supplier from China and transferred $16.3 million. However, the goods were never delivered to Kazakhstan, and the money was not returned within the legal deadline.

Inspectors found a violation of requirements on the repatriation of funds under a foreign trade contract.

The Kazakh company concluded a contract with a supplier from China and transferred $16,337,281 to a non-resident, equivalent to 7.68 billion tenge. However, the goods did not arrive in Kazakhstan, and the company did not return the funds within the time limits established by law. The audit also showed that financial transactions were carried out by the organization’s accountant without proper control by management,the department said.

After the inspection, the company was brought to administrative responsibility. The fine exceeded 1.5 billion tenge, making it one of the largest penalties for violating currency legislation in Pavlodar Region.

Original author: Alina Elgeldina

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