ASTANA, Kazakhstan, April 14. Kazakhstan has successfully returned assets totaling approximately 610 billion tenge ($1.16 billion), including 506 billion tenge ($960 million) in cash and property valued at over 103 billion tenge ($196 million), said Kazakhstan’s Prime Minister Olzhas Bektenov during a meeting of the Commission on the Return of Illegally Acquired Assets to the State, Trend reports.
The meeting reviewed the implementation of previous decisions and heard a report on the ongoing work by the company managing the returned assets.
"Funds from the Special State Fund have been allocated for the development of 280 social projects in areas such as education, healthcare, sports, social welfare, and the modernization of municipal infrastructure," stated the Prime Minister's press service.
Following the meeting, the commission gave the green light to a handful of agreements aimed at the voluntary return of assets that were not exactly on the up and up back to the state.
An additional 150 billion tenge ($285 million) will be allocated to the Special State Fund. Furthermore, entities subject to the law "On the Return of Illegally Acquired Assets to the State" have committed to investing $10.5 billion into Kazakhstan's economy, according to the ministry's press service.
Moreover, the commission supported filing lawsuits in court against individuals covered by the law "On the Return of Illegally Acquired Assets to the State," seeking the confiscation of assets worth more than 84 billion tenge ($160 million).
In July 2023, President Kassym-Jomart Tokayev signed the "On the Return of Illegally Acquired Assets to the State" law, which aims to recover assets unlawfully taken out of the country and reintegrate them into the legitimate economic system, as well as restore social justice.