BISHKEK, Kyrgyzstan, September 20. The Kyrgyz government has regained a portion of shares in Kyrgyzneftegaz, a state-owned oil and gas enterprise, Trend reports via the State Committee for National Security.
According to the committee, former Chairman B.R.A. acquired 383,590 shares of Kyrgyzneftegaz under dubious circumstances.
In 2019, while heading the company, B.R.A. initiated a scheme to buy back shares from minority shareholders, claiming it was part of a government program to sell assets to Russia's Gazprom.
The investigation revealed that B.R.A. exploited his position to acquire the shares at significantly lower prices, subsequently transferring them to affiliated individuals.
Following the operational measures conducted by the committee, B.R.A. has voluntarily returned the shares to the state, valued at approximately 65.6 million soms ($778,404).
This development highlights ongoing efforts by the Kyrgyz authorities to address corruption and recover state assets amid scrutiny over management practices in key state-owned enterprises.
In the second quarter of 2024, Kyrgyzneftegaz produced nearly 85,928 tons of oil, exceeding its production target by 2.3 percent. Additionally, the company extracted almost 14.397 million cubic meters of natural gas, surpassing its target by 11.7 percent.
The company's net profit for the first half of the year reached 1.345 billion soms ($15.9 million).