The AFM uncovered coal trading fraud on the commodity exchange, with organizers raking in billions.
The Financial Monitoring Agency (FMA) of Kazakhstan has uncovered illegal coal sales through the commodity exchange "Modern Trading Solutions." The exchange's management only allowed participation to entrepreneurs who paid illegal fees, according to Orda.kz.
https://orda.kz/afm-nakrylo-mahinacii-s-uglem-na-tovarnoj-birzhe-organizatory-zarabatyvali-milliardy-397499/2025-01-30 07:30:59
“The monopolization of the market has led to inflated prices and social tension ahead of the heating season. The illegal income of the group exceeded 2 billion tenge, with the money being cashed out through controlled companies,” reported the AFM.
As a result, three exchange executives have been arrested, and another suspect has been declared wanted.
Previously, we reported that Timur Kulibayev sold his stake in the unprofitable JSC “Shubarkol Premium,” which is developing the Shubarkol coal deposit in the Karaganda region. The new co-owners are Kenes Rakishev and Shukhrat Ibragimov.