Bank leader formerly associated with Astana, faces a 10-year imprisonment term in a trial held without his presence.

Bank leader formerly associated with Astana, faces a 10-year imprisonment term in a trial held without his presence.

Scoop on the Latest Bank Astana Scandal

New details have emerged about the ongoing case of former Bank Astana's upper management, as reported by our exclusive source.

During a press conference, Daniar Bigaydarov, official spokesperson of the Anti-Corruption Service, announced the pronouncement of the verdict on April 22, 2025, by the city's inter-district criminal court.

"Former chairman of the bank's board of directors and major shareholder Olzhas Tokhtarov was found guilty of embezzlement disguised as agent services and illegal transfer of a business center in Almaty to affiliated companies during the pre-bankruptcy period," Bigaydarov shared at the Anti-Cor.

According to him, Tokhtarov was sentenced in absentia to 10 years in prison and will have his assets, including properties, buildings, land plots, securities, cryptocurrencies, amounting to over 14 billion tenge, confiscated.

Shedding light on the matter, our reporter reveals that back in September 2024, the Anti-Cor corruption agency had summoned former Bank Astana shareholder Olzhas Tokhtarov for questioning.

Anti-Cor stated earlier that the embezzlement was conducted through fictitious agent services and the illegal transfer of the business center building in Almaty to a company under Tokhtarov's control, TОО SKK Tennasy Group.

The Anti-Corruption Service initiated the investigation, finding evidence to classify Tokhtarov's actions under different articles of the Criminal Code, resulting in a summon for questioning. However, as Tokhtarov evaded summons and remained outside the country's territory, the agency published a notice of the summons through a media announcement.

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Anti-Corruption, Bank Scandal, Embezzlement, Kazakhstan Justice System

Is this remote conviction nonsense even effective? It's just a farce! We have oligarchs laughing all the way to the bank while the justice system entertains them! There's Interpol, extradition treaties, and clear evidence of embezzlement. Why can't we bring these criminals to justice?

How can we take China as an example when they manage to return stolen funds and extradite wanted white-collar criminals worldwide? Meanwhile, we're only pronouncing verdicts in absentia! It’s an insult to our intelligence!

Why announce a verdict to scare someone? It will only make them more elusive. The logic behind this is beyond me.

Is this a ploy to instill fear and maintain the status quo? It’s just painful to witness the disregard for the justice system.

I'd like to know more about Tokhtarov's relationship with Keneс Rakishev.

This is the state of our banking system - moral bankruptcy. Only the wealthy benefit from such malpractice. Let’s aim for change!

A stark reminder that we need a fair legal system, one that brings those responsible for embezzlement and corruption to justice, regardless of their connections.

Isn't it time for a real justice overhaul?

1. The verdict for Olzhas Tokhtarov, the former chairman of Bank Astana's board of directors, will be announced on April 22, 2025, sentencing him to 10 years in prison and confiscating his assets worth over 14 billion tenge.
2. The Anti-Corruption Service has revealed that the embezzlement conducted by Tokhtarov involved fictitious agent services and the illegal transfer of a business center in Almaty to a company under his control.
3. Concerns have been raised about the effectiveness of the verdict pronounced in absentia, with debate over whether remote conviction is a farce and whether the justice system is merely entertaining oligarchs like Tokhtarov.
4. China's successful return of stolen funds and extradition of white-collar criminals worldwide has sparked discussions about the need for a more robust Kazakhstan justice system, capable of bringing embezzlers to justice despite their connections.
5. The general news, crime and justice sector is following the relationship between Olzhas Tokhtarov and Keneс Rakishev, as both are major figures in the banking-and-insurance industry and finance sector.

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