Kazakhstan to use part of $90M seized from oligarchs to combat floods

The Commission for the Return of Illegal Assets of Kazakhstan has turned into the country’s income 40 billion tenge (more than $90 million), which previously belonged to Kazakh oligarchs, according to the press service of the government of Kazakhstan, Report informs referring to Kazakh media.

The funds will be used for social purposes, including eliminating the consequences of floods.

“Agreements have been approved on the voluntary return to the state of illegally acquired assets totaling over 40 billion tenge, of which more than 38 billion are cash, as well as a business center in Astana worth 2 billion tenge,” the press service noted.

The commission also approved the signing of investment agreements for 7 billion tenge ($16 million). According to them, persons subject to the law on the return of illegally acquired assets will have to build two infrastructure facilities in Astana and Shymkent. As the government clarified, this will create new jobs and provide additional tax revenue.