A court in Astana found four employees of International Invest Company IIC LLP guilty in the case of the illegal sale of properties in the Qyran residential complex and sentenced them to between 8 and 9 years' imprisonment.
WHAT DECISION THE COURT REACHED
According to the Financial Monitoring Agency (FMA), the investigation established that instead of sale and purchase agreements, buyers were given booking agreements, deposit agreements and preliminary contracts. These documents were not subject to state registration and did not grant buyers ownership rights.
At the same time, in the sales office, potential buyers were shown scale models, technical passports, powers of attorney and certificates purporting to confirm the company's ownership of the properties. Flats, non-residential premises and parking spaces were offered at below-market prices.
WHERE THE MONEY WENT
Buyers handed over money in cash or transferred it by bank transfer to the personal accounts of the individuals involved in the case. These transactions were not reflected in the accounting and banking records of International Invest Company IIC LLP.
The investigation also established a second scheme involving the sale of properties belonging to the developer company itself. Sale and purchase agreements were concluded in the LLP's name and ownership rights were registered, but the money from the transactions did not reach the company's till.
WHAT THE COURT DECIDED
The court found four employees of International Invest Company IIC LLP guilty and sentenced them to imprisonment for terms of between 8 and 9 years.
In addition to the criminal penalty, the property claims of 35 victims were satisfied, totalling more than 2.2 billion tenge.
78 properties worth 1.3 billion tenge were transferred to the victims, and a further 73 properties to bona fide buyers.
In addition, the court ordered the recovery of 3.9 billion tenge in favour of International Invest Company LLP.
The verdict has not entered into legal force.
CONTEXT
In July 2026, the pre-trial investigation into the case of property sales in the Qyran residential complex was completed. According to the investigation, the management of International Invest Company IIC LLP sold the same flats to different buyers over the course of two years.
