The Karaganda Waste Processing Plant, which through ROP Operator LLP belonged to the daughter of the former president, Aliya Nazarbayeva, has been sold for 1.5 billion tenge.
According to ORDA, the plant was put up for auction on 2 May of this year.
"Moreover, these are classic auctions for the right to own the property of RecyclingCompany LLP, not its transfer to the balance sheet of other state bodies. The seller is the Karaganda Department of Privatisation and State Property", the statement reads.
It is reported that the facility was commissioned back in 2017. Then, two years later, the waste processing plant received a licence allowing it to manufacture ammunition and military equipment. The territory of the plant is 14.7 square kilometres.
All property with equipment was valued at 4.1 billion tenge. Another 1.7 million tenge constitutes the authorised capital of the LLP. And it was all sold for just 1.5 billion tenge. In turn, the Ministry of Finance clarified that they sold not the LLP, but only the property itself.
"The factories came to us in the Karaganda and Kostanay regions. In the Karaganda region, we even made a whole roadmap on how to bring this to sale. It can be divided into lots. The enterprise did not come to us as an operating business. It came as property. Not as an enterprise: you know, there is share property there. It came as property. As confiscated goods. It happens: confiscated from someone who committed a crime. After that, this property is put up for auction, and we sell it", said Deputy Minister of Finance Dauren Temirbekov on the sidelines of the Mazhilis.
However, as stated in the valuation report, at the time of assessment the plant was an operating enterprise.
At the same time, it became known that the plant was opened in December 2017. The former president, Nazarbayev, attended the opening ceremony. And only four years later, his daughter Aliya bought the plant for just 1.7 million tenge. Incidentally, the enterprise was not considered unprofitable. On the contrary, from 2018 to 2020, the company contributed 1.9 billion tenge to the state treasury.
"A shocking sale and purchase agreement was concluded on 29 June 2021. By that time, the company RecyclingCompany had existed for five years, four of which the WETS (Waste Electrical and Technical Service) recycling plant had been operating. According to the contract, the sole founder, Meruyert Makhadi, sold it to Aliya Nazarbayeva's enterprise Green Future Management Ltd. The transaction was registered with the 'Government for Citizens' on 16 July 2021", the statement says.
It is noted that another waste processing plant belonging to Aliya Nazarbayeva in Kostanay was recently sold. Citing documents, journalists claim the enterprise was confiscated from the former Vice Minister of Ecology, Akhmetzhan Primkulov.
It is reported that the plant was transferred to the management of another state body, presumably Zhasyl Damu JSC. Its market value was 676 million tenge. It is noted, however, that construction of the plant had not yet been completed.
Recall that earlier we wrote about how the actions of Investment Fund of Kazakhstan JSC (IFK) and Development Bank of Kazakhstan JSC (DBK), ROP Operator LLP and a number of state bodies led to the bankruptcy of the unique tyre recycling and processing plant Kazakhstan Rubber Recycling LLP.