JSC «National Company «QazExpoCongress» has liquidated its subsidiary corporate fund «Trade and Exhibition Centre «Kazakhstan» on the instruction of the Supreme Audit Chamber (SAC).
According to the press service of the chamber, the decision was made following a state audit of the Ministry of Trade and Integration and its subordinate organisations.
Auditors found that the National Company had two corporate funds: the eponymous CF «QazExpoCongress» and CF «TEC «Kazakhstan». These were used to channel financing for the National Company and to manage the Kazakh pavilions in Moscow and Dubai.
«The insufficient workload of these two non-profit organisations, as well as the duplication of certain functions, called into question the advisability of their continued parallel operation. In this regard, the Ministry of Trade and Integration, together with JSC «NC «QazExpoCongress», was tasked with carrying out the appropriate reorganisation», the statement said.
As a result, JSC «NC «QazExpoCongress» made the decision to liquidate the CF «TEC «Kazakhstan», transferring all property, buildings and contractual obligations to the management of the CF «QazExpoCongress».