Kazakhstan: Samruk-Kazyna to probe asset disposal by its subsidiaries
June 3, 2009
We do not expect any immediate share impact on traded stocks in these sectors.
Samruk-Kazyna National Welfare Fund announced yesterday that it plans to probe all transactions on disposal of state assets in its subsidiaries. The decision follows the situation at Kazatomprom, where the Government has begun investigations to look at assets transferred by offshore entities prior to final sales. According to the press release, issued by Samruk-Kazyna, in order to step up efforts to counter law violations in subsidiaries, Samruk-Kazyna has launched probes into procurement deals, to be carried out jointly with internal audit commissions. The first companies to undergo routine inspections will be national railway operator Kazakhstan Temir Zholy and NC KazMunayGas. We do not expect any immediate share impact on traded stocks in these sectors.