The Director of Rashan LLP has been recognised as a suspect in the case of embezzlement of credit funds amounting to KZT 300 million, allocated under the “Keng Dala 2” programme for spring field and harvesting operations. The court has authorised the seizure of his assets.
HOW THE LOAN WAS ARRANGED
According to the Financial Monitoring Agency (FMA), in May 2025 a branch of Agrarian Credit Corporation JSC concluded a loan agreement with Rashan LLP for replenishment of working capital. Damu Entrepreneurship Development Fund JSC acted as guarantor for the fulfilment of obligations.
KZT 300 million in borrowed funds was transferred to Rashan LLP’s account. The money was then distributed between two LLPs under the guise of payment for sowing campaign expenses.
WHAT THE KZT 300 MILLION WAS SPENT ON
Around KZT 148 million was transferred for the purchase of seeds. A further KZT 152 million was allocated for the rental of agricultural machinery, including fuel and lubricant costs and wages.
At the same time, as the investigation established, no seeds were in fact purchased, no agricultural machinery was rented, and no sowing of agricultural crops was carried out on the declared land plots.
WHAT IS KNOWN ABOUT THE CASE STATUS
The Director of Rashan LLP has been recognised as a suspect. With the sanction of the court, his assets have been seized.
The investigation is ongoing. Other information, in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan, may not be disclosed in the interests of the investigation.
CONTEXT
The FMA previously completed an investigation into the embezzlement of KZT 103 million in agricultural subsidies in Turkistan Region. According to the investigation, through 4 sole proprietorships and two LLPs, false information was entered into electronic systems regarding the presence of farm animals and the conduct of breeding work in order to obtain payments.
In July, a court passed a verdict against 27 members of an organised criminal group in a case involving the embezzlement of more than KZT 3 billion in budget funds. According to the case materials, in 2016–2021, through fictitious peasant farms and sole proprietorships, 24 loans were issued and 54 non-existent properties were listed as collateral. Those convicted were sentenced to between 6 and 8 years’ imprisonment.
In the same month, in Almaty Region, a case was investigated involving the unlawful receipt of more than KZT 2.6 billion in agricultural subsidies. According to the investigation, a former deputy of the Karasai District Maslikhat used 29 peasant farms to process payments using fictitious documents for the purchase of raspberry seedlings. KZT 491 million was directed to securities transactions, KZT 400 million to an affiliated microfinance organisation, and a further KZT 170 million was spent by the suspect in a casino.
