Updated on September 22, 2014 2:02PM (AST)
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Ambassador Extraordinary and Plenipotentiary of Japan to Kazakhstan Masayoshi KAMOHARA: EXPO-2017 WILL CONTRIBUTE TO FURTHER DEVELOPMENT OF KAZAKHSTAN

Director of Kazakhstan’s Institute for Strategic Studies Bulat SULTANOV: CREATION OF THE EURASIAN ECONOMIC UNION IS NOT DOGMA BUT GUIDANCE FOR ACTION

First Deputy Prime Minister of Kazakhstan Bakytzhan SAGINTAYEV: EURASIAN ECONOMIC UNION IS AN INTERNATIONAL ORGANIZATION FOR REGIONAL ECONOMIC INTEGRATION ONLY

Expert of UN Food and Agriculture Organization Stepan TANICH: OVER FIVE MILLION PEOPLE UNDERNOURISHED IN CENTRAL ASIA AND CAUCASUS


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Kazakhstan's new criminal code threatens Ponzi scheme masterminds with severe punishment

Almaty. January 25. INTERFAX-KAZAKHSTAN - A new version of Kazakhstan's criminal code to be reviewed by the government in May this year would significantly toughen punishment for the creation and masterminding of Ponzi schemes.

According to Article 224 of the draft code, individuals organizing and masterminding Ponzi schemes would face fines of up to 3,000 monthly calculation indices (MCI) or correctional community work or would be imprisoned for 3 years without/with confiscation of their property. Gangs of individuals for the same offences would face imprisonment of up to 7 years without/with confiscation of property. Imprisonment could be up to 10 years when the same criminal activities were aimed at receiving extremely large amounts of money. (1 MCI is currently 1,731 tenge. The exchange rate is 150.7 tenge /$1).

Kazakhstan's current laws do not have a definition for Ponzi schemes and individuals cannot be prosecuted for this kind of fraud. As reported, over 2,600 people were cheated in a KazRosInvestProekt Ponzi scheme in 2011 in Kazakhstan, then its masterminds were jailed for fraud and tax evasion.

The new version of the criminal code would proceed to Kazakhstan's parliament in August this year.



OTHER TOP NEWS

Kazakhstan and UAE postal operators signed memorandum on cooperation

ASTANA. Sept 19 (Interfax-Kazakhstan) – Kazpost and Emirates Post Group signed a memorandum on cooperation in Astana.

Well-built highways must link all corners of Kazakhstan, Nazarbayev

ASTANA. Sept 19 (Interfax-Kazakhstan) – Kazakhstan President Nursultan Nazarbayev in his upcoming address to the people of Kazakhstan plans to draw attention to the development of road infrastructure.

Kazakhstan ratifies agreement with UK on provision of cargo transit from Afghanistan

ASTANA. Sept 19 (Interfax-Kazakhstan) – Kazakh President Nursultan Nazarbayev has signed the law on ratification of the intergovernmental agreement with the UK on provision of cargo/special goods transit through Kazakhstan in connection with participation of the British armed forces in the international efforts to stabilize and reconstruct Afghanistan, the press office of the head of state has said.


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