Updated on April 29, 2016 7:22PM (AST)
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JSC Kostanai Minerals CEO Yerbol NURKHOZHAYEV: "OUR GOAL IS TO BECOME A CHAMPION IN THE CHRYSOTILE INDUSTRY"

CEO of Pavlodar Petrochemical Plant Shukhrat DANBAI:
OUR OBJECTIVE IS TO EMBARK ON FIVE-YEAR OPERATIONAL CYCLE WITHOUT OVERHAULS

Head of the OSCE/ODIHR Election Observation Mission Boris Frlec: WE ARE SURPRISED THAT THE ELECTION CAMPAIGN IN KAZAKHSTAN IS VERY QUIET

General Director of KazEnergoKabel JSC Oleg KRUK: BUSINESS NEEDS "A SAFETY CUSHION" TO SUPPORT NORMAL OPERATION


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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

During Putin's visit in May Russia’s first trading house to open in Kazakhstan

MOSCOW. April 29 (Interfax) - The first trading house to support Russian exports will open in Astana within the framework of Russian President Vladimir Putin’s visit to Kazakhstan on May 31 this year, Russian Trade Representative in Kazakhstan Alexander Yakovlev has told journalists.

About 65,000 hectares of Kazakh land leased to foreign nationals - Ministry of Economy

ALMATY. April 29 (Interfax-Kazakhstan) – Foreign nationals currently have 65,000 hectares of land in lease out of the total 272,500,000 hectares available in Kazakhstan, Deputy Minister of National Economy Kairbek Uskenbayev said.


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