Oligarchs to Invest $10.5 Billion in Kazakhstan's Economy

Individuals covered by the law “On the Return of Illegally Acquired Assets to the State” have committed to new financial obligations, Orda.kz reports, citing the government of the Republic of Kazakhstan.

On April 14, Astana hosted another commission session on returning illegally acquired assets, chaired by Prime Minister Olzhas Bektenov. During the meeting, officials outlined the amounts that have already been returned to the state treasury, as well as new commitments made by former asset holders.

The commission approved the conclusion of a number of agreements on the voluntary return of illegally acquired assets to the state. An additional 150 billion tenge will be sent to the Special State Fund. In addition, the subjects of the law 'On the return of illegally acquired assets to the state' have undertaken obligations to invest 10.5 billion dollars in the economy of Kazakhstan,
 the government said in a statement.

To date, the total value of returned assets is approximately 610 billion tenge — 506 billion in cash and 103 billion in property. The commission also provided a breakdown of how those funds have been allocated.

Funds have been allocated from the Special State Fund for the implementation of 280 social facilities in the areas of education, healthcare, sports, social security, as well as for the modernization of public utilities infrastructure,
 the government noted.

Original Author: Igor Ulitin