Kazakhstan recovers over $1 billion in illegally exported assets

Over the past year, Kazakhstan has successfully reclaimed illegally exported assets totaling more than $1 billion.

The announcement was made during a government meeting, where officials revealed that approximately 610 billion tenge ($1.1 billion) had been returned to the country, Caliber.Az reports, citing Kazakh media.

Of the total recovered amount, 506 billion tenge consists of cash, while the rest includes movable and real estate assets. In addition, agreements have been made with a number of oligarchs to voluntarily return assets valued at 150 billion tenge (around $300 million). As part of these deals, the oligarchs have also pledged to invest $10.5 billion into Kazakhstan’s economy.

Kazakh President Kassym-Jomart Tokayev highlighted that over the past three years, more than 2 trillion tenge ($3.8 billion) in total assets have been returned to the country. “It is extremely important that these funds are being allocated to address critical economic and social challenges in the regions,” Tokayev said during a National Kurultai meeting in March.

One of the key examples of the successful use of the returned funds will be the construction of a multi-purpose sports complex in Kokshetau, scheduled to begin in 2025. Tokayev confirmed that the project will be financed entirely through the recovered assets.

A Kazakh MP, Marat Bashimov, emphasized that the asset recovery process is a demonstration of the country's commitment to justice and the enforcement of accountability for violations of citizens' rights.

By Khagan Isayev