Former Finance Ministry Fund Head Detained in Billion-Tenge Corruption Case

The former head of a state-owned fund has been detained on suspicion of causing massive financial damage to the state. According to investigators, the ex-official illegally allowed a private owner to retain funds from the sale of pledged assets that were rightfully owed to the fund. This action alone is alleged to have caused a loss of 11.4 billion tenge to the state.

Furthermore, investigators claim the individual sold state property at a significantly undervalued price, resulting in an additional budget shortfall exceeding 1.3 billion tenge.

The case extends beyond the former official. The owner of debtor companies and several alleged accomplices have also been arrested. The investigation alleges this group forged documents and sold pledged land plots, inflicting further damage estimated at 800 million tenge on the fund.

All suspects have been remanded in custody by court order. A criminal case has been initiated under articles for "Fraud" and "Abuse of Official Authority." Authorities have also seized assets belonging to the suspects.

A pre-trial investigation is currently underway. While unofficial reports name Daulet Bakbergen, the former chairman of the board of the "Problem Loan Fund," as the detained ex-head, official statements have not confirmed his identity.

The "Problem Loan Fund" is a subsidiary of Kazakhstan's Ministry of Finance responsible for purchasing and subsequently managing non-performing assets from commercial banks. The investigation remains active, with authorities not ruling out further arrests.