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ENPF Senior Executives Arrested In Kazakhstan

Wednesday, January 11, 2017 - 19:07

In Kazakhstan, in accordance with the decision of the Almaly district court, the senior executives of the ENPF (Single accumulative pension fund) were arrested. Specifically, an arrest warrant was given in respect of Chief of the Financial Risk Management Department Musa Bahtov, Chairman of the Board of the Fund Ruslan Erdenaev, head of “Buzgul Aurum” Azat Nayzagarin, and Chairman of the Supervisory Board of “AlatauMunayAltyn” Bakhytzhan Kenjebayev. According to the press service of the City Court of Almaty, all four arrested persons are suspected of embezzlement and appropriation of another's property entrusted to them.


In accordance with the decision of the court, the suspects have been detained for a period of two months, as a preventive measure.


The law enforcement bodies of the republic began the checks of the ENPF activities on December 21, 2016. According to the press service of the National Bank of Kazakhstan, the checks covered the Fund's operations related to investment of its own assets.


Worth recalling, the JSC “Single Accumulative Pension Fund” was established on the basis of the State accumulative pension fund in August of 2013. The ENPF founder and shareholder was the government of Kazakhstan, and the asset management of the pension assets owned by the Fund was carried out by the National Bank of the Republic. On January 1, 2016, the responsibility to make proposals aimed at improving the efficiency of management of pension assets was placed on the Council for Management of the National Fund headed by President of Kazakhstan Nursultan Nazarbayev.


According to the National Bank of Kazakhstan, the pension accumulations of the ENPF contributors reached KZT6.63 trillion as of December 1, 2016.

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