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The public foundation “Elge Qaitaru” demands an investigation on A. Klebanov and S. Kahn case

Mr O.A. Bektenov, Prime Minister of the Republic of Kazakhstan, Chairman of the Asset Recovery Commission.

To the Prosecutor General of the Republic of Kazakhstan Mr B.N. Asylov.

To the Chairman of the Agency of the Republic of Kazakhstan on counteraction to corruption Mr Zhumagali A.J.

Mr D.M. Malakhov, Chairman of the Agency of the Republic of Kazakhstan on Financial Monitoring.

Mr N.M. Suindikov, Chairman of the Asset Recovery Committee of the General Prosecutor’s Office of the Republic of Kazakhstan.

The public foundation “Elge Qaitaru” is alarmed by the many accidents in the heat and electricity supply sector and shares the concern of the citizens of the country that accidents in this sector have become a regular occurrence.

Also of concern is the substantial increase in regulated tariffs for all types of goods and services envisaged in the National Development Plan until 2029.

And the desire of the Government of the Republic to use KZT1.5 trillion of pension savings to modernise infrastructure without analysing the effective use of current cash flows in the industry seems questionable.

For example, between 30 November 2020 and 4 November 2022, Pavlodarenergo JSC, a member of the CAEC group, bought 100% of the stake in CAEC Green Energy LLP in three stages for USD 232 million, indicating a significant overpayment for this asset.

The total installed capacity of TsATEC Green Energy LLP is 100 MW, thus, these assets were purchased at the cost of one MW of installed capacity of USD 2.32 million for the balance sheet of CAEC JSC

As the analysis shows, the cost of construction of new plants built in the CIS countries does not exceed USD 1.2-1.5 million per 1MW of installed capacity.

In addition, Pavlodarenergo JSC purchased in several stages 47.34% of 100% stake in TsATEK Green Energy LLP from Circle Maritime Invest JSC owned by Sergey Kan and Alexander Klebanov’s son Yakov for $159,788,118.2. I.e. Messrs Kan and Klebanov bought from themselves at a triple price and at the same time the price of 1MW has already cost 3.37 million US dollars.

To carry out this dubious transaction, Pavlodarenergo JSC and CAEC JSC group attracted credit funds, including:

– in 2021 SB Sberbank for the total amount of 14,491,493 thousand Tenge

– in 2022 Halyk Bank of Kazakhstan JSC for the total amount of KZT 47,775,497 thousand;

– On 10 January 2022, Pavlodarenergo JSC issued KZT75 billion bonds maturing on 10 January 2030.

On 14 January 2022, TsATEK Green Energy LLP received a long-term loan from VTB Bank (Europe) SE in the amount of KZT 73,981,723 thousand. At the expense of the loan received “CATEC Green Energy” LLP purchased bonds of “Pavlodarenergo” JSC in the amount of 41,203,125 thousand tenge, at the expense of which the loans of VTB Bank (Europe) SE were partially repaid.

These transactions resulted in a sharp increase in Pavlodarenergo JSC’s total financial liabilities from KZT 43.9 billion in 2019 to KZT 199 billion in 2022 and an increase in financial expenses from KZT 3.6 billion in 2019 to KZT 29.4 billion in 2022.

These facts explain the reasons for the accident at Ekibastuz CHPP, part of Pavlodarenergo JSC, in November 2022 due to lack of funds for capital and current repairs and not at all due to low tariffs.

In addition, we consider as a gross violation of the legislation and principles of fair competition the establishment by a separate resolution of the Government of the Republic of Kazakhstan dated 19 March 2015 No. 148 of a special tariff for LLP (CATEK Green Energy) for the sale of electricity in the amount of 59.7 tenge per 1 KWh with annual indexation. Other similar stations sell their products in the range of 11.88 – 18.5 tenge per 1 KWh.

As a result of this unwarranted privilege, CATEC Green Energy LLP is highly profitable, as the Company’s 2021 Annual Report shows EBITDA margins (a rough analogue to traditional Profitability) for 2020 and 2021 to be 84.91% and 89.72%, respectively.

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Given the above, we request that you

– to conduct an audit of the financial and economic activities of CAEC JSC;

– verify whether there is a causal link between the acquisition of Pavlodarenergo JSC’s 100% interest in TsATEK Green Energy LLP, which led to the diversion of huge funds from the buyer and a sharp increase in its debt load, and accidents at Ekibastuz CHPP, which is part of Pavlodarenergo JSC;

– considering that one of the sellers of the stake in CATEC Green Energy LLP is a non-resident company AOM Metal B.V. (Netherlands), to check the possibility of illegal withdrawal of assets outside the Republic of Kazakhstan;

– In connection with the available information that Mr A. Klebanov has not been in the country for a long time and that Mr S. Kahn and Mr A. Klebanov are involved in legal proceedings in the USA. To consider the possibility of returning Pavlodarenergo JSC and Sevkazenergo JSC to the ownership of the Republic of Kazakhstan.;

– to check the circumstances of the adoption of the Resolution of the Government of the Republic of Kazakhstan dated 19 March 2015 No. 148 for violation of the requirements of anti-corruption legislation of the Republic of Kazakhstan and take measures to cancel this resolution;

– Considering the statement of Mr S. Kahn’s statement about sending 26 billion tenge, half of which are public funds, to modernise the facilities of their private company. We ask you to consider the expediency, reasonableness and legality of such expenditure of people’s money and take measures to recover it from the state.

In case of establishment of facts of violation of the norms of the current legislation and damage to the legitimate interests of citizens, legal entities and the state. To bring to responsibility those responsible and take measures to compensate for the damage.


  1. Synopsis of the financial position of the CATEC/CAEC Group
  2. Resolution of the Government of the Republic of Kazakhstan dated 19 March 2015 No. 148

Director of the Public Foundation “Elge Qaitaru” O. Yerzhanov

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