AFM officials have uncovered a corrupt scheme involving coal sales.

The sale of coal through trading exchanges, according to current legislation, was intended to promote competition and establish fair prices without the involvement of speculative intermediaries.

“At the same time, the management of the commodity exchange Modern Trading Solutions, having registered 23 brokerage firms under relatives and trusted persons, organized operations in such a way that only those who regularly provided monetary rewards were allowed to participate in coal purchase auctions. Otherwise, entrepreneurs were excluded from the trading process through prolonged accreditation periods, failure to sign contracts, restricted access, and cancellation of results. This led to numerous complaints and social tension ahead of the heating season,” the agency reported.

The annual criminal income of the group amounted to over 2 billion tenge, which was cashed out through companies under its control.

“Preventive measures of detention have been chosen for three leaders of the trading exchange, and one individual with a similar measure has been declared wanted,” the AFM explained.