Kazakh Authorities To Return $300Mln Siphoned Off By Ex-Leader Nazarbayev's Nephew

ALMATY (UrduPoint News / Sputnik - 02nd November, 2022) The Kazakh authorities will soon return to the country's budget $300 million, illegally withdrawn by a nephew of former leader Nursultan Nazarbayev, Kairat Satybaldyuly, the Kazakh anti-corruption agency said on Wednesday.

In September, Satybaldyuly was sentenced to six years in prison with seizure of property for embezzlement, abuse and raiding. The anti-corruption agency continues investigation into money laundering and other illegally obtained assets linked to Satybaldyuly and others involved.

"As a result of operational-search activities in foreign countries, exclusive gems and jewelry of perpetrators worth over $230 million were returned to the country and turned into state income," the agency said in a statement.

In addition, the investigation established that Satybaldyuly "invested $300 million in foreign stocks" and the indicated amount will soon go to the country's budget, the agency added.

Satybaldyuly, who had occupied different posts in the Kazakh security committee, was taken into custody in March for suspected abuse of power and large-scale misappropriation of funds from the country's communications company Kazakhtelecom.

He was also suspected of raiding and embezzlement by unreasonably inflating tariffs for accessing roads to municipal enterprises. Other charges against him included money laundering, tax and customs evasion.

Nazarbayev, who headed Kazakhstan for almost 30 years, resigned as president on March 20, 2019. After his resignation, Nazarbayev continued to serve as the chairman of the republic's powerful Security Council until he was removed by incumbent President Kassym-Jomart Tokayev on January 5 this year amid a wave of anti-government protests in the country. Many of Nazarbayev's family members also resigned as government officials and heads of government-controlled enterprises, some of them were accused of larceny and state treason.