Updated on February 11, 2016 8:11PM (AST)
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Acting Chairman of the Board of the Public-Private Partnership Project Monitoring Center LLP Aslan Bulatov:
NATIONAL HOLDING BAITEREK ENGAGED IN THE IMPLEMENTATION OF OVER A DOZEN PPP PROJECTS IN RECENT YEARS IN KAZAKHSTAN

Astana Motors Executive Director Anton AFONIN:
AUTO MARKET NOT TO DEMONSTRATE REAL GROWTH UNTIL 2018-2019

US Department of State Official Representative Charles MARTIN:
"Kazakhstan wants to become a bridge between Europe and China, and we support this initiative"

Chairman of Aerospace Committee (Kazkosmos) Talgat MUSABAYEV:
KAZAKHSTAN WILL KEEP ITS SPACE SCIENCE PROGRAM RUNNING


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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

President Nazarbayev proposes to declare 2016 year for deepening economic ties between EEU and other countries

ASTANA. Feb 11 (Interfax-Kazakhstan) - President Nursultan Nazarbayev, chairman of the Supreme Eurasian Economic Council, has put forward an initiative for economic cooperation between the Eurasian Economic Union (EEU) and other countries in his address to the heads of the EEU member states.

Kazakh and American presidents can possibly meet in March during nuclear security summit in Washington

ASTANA. Feb 11 (Interfax-Kazakhstan) – Nursultan Nazarbayev and Barack Obama can possibly meet on the margins of the Nuclear Security Summit in Washington that is scheduled for March 30 – April 1, US Ambassador to Kazakhstan George Krol has said.


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