ASTANA – Kazakhstan has started implementing eight investment projects worth 30 billion tenge (US$61.5 million) as part of asset recovery efforts.
Photo courtesy of IFW Global
According to the Asset Recovery Committee of the Kazakh Prosecutor’s Office, construction has begun on two trade and logistics centers worth more than 7 billion tenge (US$14.4 million).
These projects are expected to alleviate the shortage of warehouse space in the country and have a positive impact on reducing the cost of final products for the nation.
The implementation of these investment projects is also expected to increase tax revenue in the budget and create new jobs.
Kazakh President Kassym-Jomart Tokayev said at a meeting with the country’s business leaders last year that investments would be considered an important indicator of the legal origin of assets.
Kazakhstan’s special state fund for accumulating illegally withdrawn assets received 177 billion tenge (US$363 million) as of October 14. This includes approximately 147 billion tenge (US$301.5 million) from registration agreements and 19 billion tenge (US$39 million) from registration agreements. More than 6 billion tenge (US$12.3 million) from procedural agreements and asset sales, nearly 5 billion tenge (US$10.3 million) from court judgments and more than 165 million tenge (US$338,469) from real estate leases.
The assets sold included two villas, one administration building, one residential building, one apartment, one piece of land, and two luxury cars.
