Updated on July 26, 2016 8:11PM (AST)
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Chairman of the Board of JSC AgromashHolding Oleg Tsoi:
WE WILL EXPAND THE RANGE OF MANUFACTURED GOODS IN THE LONG-TERM

Kazakhmys Corporation CEO Bakhtiyar KRYKPYSHEV:
Despite the difficulties, the corporation operates steadily

Managing Director for Asset Optimization of JSC Samruk-Kazyna Berik BEISENGALIYEV:
WE EXPECT THAT INTERNATIONAL CORPORATIONS ARE WILLING TO INCREASE THEIR STAKES IN JVs WITH THE FUND'S SUBSIDIARIES

Supervisor of EVRAZ Сaspian Steel rolling mill, Vice President of EVRAZ, Ilya SHIROKOBROD:
WE ARE READY TO BROADEN THE RANGE OF OUR PRODUCTS


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Kazakhstan's new criminal code threatens Ponzi scheme masterminds with severe punishment

Almaty. January 25. INTERFAX-KAZAKHSTAN - A new version of Kazakhstan's criminal code to be reviewed by the government in May this year would significantly toughen punishment for the creation and masterminding of Ponzi schemes.

According to Article 224 of the draft code, individuals organizing and masterminding Ponzi schemes would face fines of up to 3,000 monthly calculation indices (MCI) or correctional community work or would be imprisoned for 3 years without/with confiscation of their property. Gangs of individuals for the same offences would face imprisonment of up to 7 years without/with confiscation of property. Imprisonment could be up to 10 years when the same criminal activities were aimed at receiving extremely large amounts of money. (1 MCI is currently 1,731 tenge. The exchange rate is 150.7 tenge /$1).

Kazakhstan's current laws do not have a definition for Ponzi schemes and individuals cannot be prosecuted for this kind of fraud. As reported, over 2,600 people were cheated in a KazRosInvestProekt Ponzi scheme in 2011 in Kazakhstan, then its masterminds were jailed for fraud and tax evasion.

The new version of the criminal code would proceed to Kazakhstan's parliament in August this year.



OTHER TOP NEWS

Nazarbayev expresses condolences over mass loss of live in China's flooding

ASTANA. July 26 (Interfax-Kazakhstan) – Kazakhstan's President Nursultan Nazarbayev has sent a telegram of condolence to Chinese President Xi Jinping over flooding, the press office of the head of state has said.

Kazakhstan to assist Ethiopia to mitigate the effects of droughts

ASTANA. July 26 (Interfax-Kazakhstan) - Kazakhstan will give financial assistance to Ethiopia in its efforts to fight drought, the Ambassador of Kazakhstan Yerlik Ali said.


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