A guilty verdict has been handed down in Aktau in a case concerning the embezzlement of shareholders' funds from the Mizam residential complex.
According to the press service of the Agency for Financial Monitoring (AFM), a local resident, N.N. Korniyenko, acting without authorisation, posed as the head of the housing construction cooperative (HCC) «SK 2032» and entered into nine contracts with shareholders for the sale of property in the under-construction Mizam residential complex.
As a result, he embezzled funds totalling 70 million tenge and spent them on personal needs.
By court order, his property, consisting of a land plot of 8,000 sq m valued at 200 million tenge, has been seized.
The court sentenced Korniyenko to 5 years in prison. The seized property was used to satisfy the civil claims of the victims.
For context, the FBRK editorial team previously investigated the activities of two major Karaganda companies — RGB Group LLP and Zhiloi Fond LLP — and identified gaps in the regulation of the construction industry and the protection of shareholders' rights. For full details of the investigation, including a comprehensive analysis of court cases, corporate ties and company document flows, please read the article via the link.