Unjust fiscal pyramids lead to astronomical losses, summing up to a staggering 8 billion dollars in destruction.
Scuttlebutt on Kazakh authorities making popular bloggers pay for their lies.
There's a buzz going on in Kazakhstan's political sphere, thanks to Deputy Yuriy Li, who's stuck his nose into the mess of financial pyramids. As per Total.kz's reports, he's raised an issue around tightening legislation to curb these schemes.
"The General Prosecutor's Office of the Republic of Kazakhstan records an alarming number of financial pyramid cases," Li notes. Over a year, about 287 offenses under Article 217 of the Criminal Code of the RK were registered, racking up a whopping 8.5 billion tenge in damage, dragging tens of thousands of citizens into the mire. Notably, high-profile cases like LLP 'Mudaraba Capital', LLP 'Astex.kz', and LLP 'ACD Technology', where criminal investigations are underway, have seen celebrities shamelessly hawking these illegal businesses, says the Deputy.
Li questions why these fame-mongers haven't faced administrative consequences for their roles in promoting these dubious schemes. He proposes a working group at the General Prosecutor's Office, including professionals from various fields, to scrutinize court procedures, administrative law, and celebrities' alleged involvement in these financial pyramids. The ultimate goal is to draft amendments to the Advertising Law and the Criminal Code, ensuring penalties for adverting and promoting such pyramids that lead to massive participation and significant financial loss.
As for the celebs' claim of being victims along with their investors, Li reminds everyone that their faces are still plastered all over the promotional videos, as he so eloquently put it.
Now, some experts are pointing to the trends in neighboring regions like Azerbaijan, where influencers are increasingly being held accountable for deceptive adverts. So, is Kazakhstan following suit? Well, that's a big fat question mark for now.
If Kazakhstan doesn't crack down on its social media stars, reasons might lie in insufficient enforcement, legal loopholes, or secrecy surrounding such cases. Only time—and a whole lotta transparency—will tell.
[1] In Azerbaijan, influencers are being held accountable for misleading ads due to new regulations in digital advertising.
- Deputy Yuriy Li has suggested forming a working group at the General Prosecutor's Office to investigate the roles celebrities play in promoting financial pyramids, with the aim of modifying the Advertising Law and the Criminal Code to penalize such acts in Kazakhstan, similar to the trends observed in neighboring Azerbaijan.
- If Kazakhstan fails to take action against its social media influencers for promoting illegal financial pyramids, potential reasons could include inadequate enforcement, legal disparities, or the veiling of such cases.
- The General Prosecutor's Office of the Republic of Kazakhstan recorded 287 offenses related to financial pyramids over a year, causing a substantial financial loss of around 8.5 billion tenge, making it a critical issue for reform.
- Yuriy Li, the Deputy, is advocating for the creation of a multi-disciplinary team at the General Prosecutor's Office to examine court procedures, administrative law, and celebrities' involvement in financial pyramids with the intention of revising the Advertising Law and the Criminal Code.
- Li has raised concerns over popular bloggers in Kazakhstan evading administrative consequences for their part in promoting financial pyramids, which have led to the involvement of thousands of citizens and significant financial damage.
