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Kazakhstan loses control over strategic assets

Public Foundation Elge Qaitaru made a new appeal to the President of Kazakhstan and heads of authorized bodies.

The Elge Qaitaru Foundation this time raises the issue of the activities of the Eurasian Resource Group (ERG), also known as ENRC, the Eurasian Group, which is owned by a trio of: Mr. Mashkevich (non-resident of the Republic of Kazakhstan), Mr. Shodiev (non-resident of the Republic of Kazakhstan) and Mr. Ibragimov.

In fact, the flagships of the Kazakh industry turned out to be a gift as part of the Eurasian Corporation of Natural Resources at one time:

Kazkhrom, Zhairemsky mining and processing plant, Aluminum of Kazakhstan, Sokolovsk-Sarbay mining and processing production association, Aktobe power plant, Pavlodar power plant Pavlodar-1, Aksu power plant, East coal mine of the Ekibastuz coal basin.

The Elge Qaitaru Foundation announced the need for a comprehensive review of the activities of the ERG group since the transfer of Kazakh enterprises to management, including the legality of their privatization for nothing. There was a deliberate depreciation of enterprises with large industrial capital. For decades, the ERG group has received millions of dollars of benefits and preferences in taxes and tariffs, evaded taxes, and received loans under government guarantees.

ERG, 40% of which is owned by the Government of the Republic of Kazakhstan, is registered in the State of Luxembourg. The current state of the company is alarming due to the high debt burden of primarily Kazakhstani assets. Consolidated debt at the end of 2020 was more than $8 billion, of which about $5 billion related to the assets in Kazakhstan.

The Elge Qaitaru Fund in its appeal calls on the Government to solve the problem of the encumbrance of Kazakhstani assets of ERG with obligations to foreign banks by returning the funds to the disposal of the foreign parent company. In addition, it is necessary to consider the issue of personal responsibility of authorized officials who allowed the withdrawal of billions of dollars from the Republic of Kazakhstan.


October 27, 2022, а press conference of the Public Fund Elge Qaitaru.

Speakers: Orazaly Yerzhanov, Iskander Beisembetov.

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