Updated on May 24, 2016 8:29PM (AST)
www.interfax.kz | www.interfax.ru | www.interfax.com
 
  For subscribers  

       Login:

Password:

  TESTIMONIALS  
  EXCLUSIVE INTERVIEW  

President of JSC Sokolov-Sarbai Mining and Processing Integrated Works (SSGPO) Bereke MUKHAMETKALIYEV:
THE COMPANY IS ABLE TO COPE WITH ECONOMIC DIFFICULTIES

CEO of JSC Varvarinskoye Alexander SIMON:
GEOLOGICAL EXPLORATION SHOULD HELP US TO SOLVE ALL PROBLEMS WITH FEEDSTOCK SUPPLY

Chairman of the Board of JSC Socio-Entrepreneurial Corporation Tobol Arman ALIYEV:
THE CURRENT ECONOMIC SITUATION MUST NOT HINDER THE CREATION AND DEVELOPMENT OF BUSINESS

JSC Kostanai Minerals CEO Yerbol NURKHOZHAYEV: "OUR GOAL IS TO BECOME A CHAMPION IN THE CHRYSOTILE INDUSTRY"


Archive

Interfax-Kazakhstan News Agency offers a comprehensive solution to media monitoring, research and analysis of the media environment, the SCAN system.
  TOP NEWS  

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 met with CITIC Group president

ASTANA. May 24 (Interfax-Kazakhstan) – Kazakhstan's President Nursultan Nazarbayev had a meeting with CITIC Group president Wang Jun in Astana on Tuesday.

Kazakhstan needs to deepen integration within the region and with outside world - IMF head

ASTANA. May 24 (Interfax-Kazakhstan) – Kazakhstan should take further measures to support domestic entrepreneurs, IMF Managing Director Christine Lagarde said.


  PRESS CENTER  

More...

  SPOTLIGHT  

Archive

  News and other data on this web site are provided for information purposes only, and are not intended for republication or redistribution.
Republication or redistribution of Interfax content, including by framing or similar means,
is expressly prohibited without the prior written consent of Interfax.
1996-2016 © Interfax-Kazakhstan
All rights reserved.