Kazakhstan has settled a long-standing dispute with a startup called KZ Cash, which began in 2017 when the country seized the assets of the startup. KZ Cash claimed that the seizure was illegal and filed a lawsuit against Kazakhstan. After years of legal battles, the case has finally been settled in favor of the startup. The court ruled that Kazakhstan's actions were in violation of international law and ordered the country to pay $1.2 billion in damages to KZ Cash. This settlement marks a significant victory for the startup and sets an important precedent for future disputes between startups and governments [496d0a95].
In addition to this settlement, Kazakhstan has been making significant progress in its anti-corruption efforts. The newly established Committee for Asset Recovery has returned over $1.9 billion of illegally withdrawn assets to the state budget from 2021 to 2023. This includes administrative buildings, exclusive jewelry, apartments, cars, shares in companies, railway tracks, and more. The Anti-Corruption Agency of Kazakhstan recently returned $120 million to the state budget in the case of illegally withdrawn assets belonging to Kairat Satybaldyuly, the nephew of the first President of Kazakhstan Nursultan Nazarbayev. Satybaldyuly was found guilty of embezzling funds from Kazakhtelecom and abuse of power, and he has been sentenced to six years in prison with property confiscation and a deprivation of the right to hold certain positions [a25ceff3].
These efforts by Kazakhstan to combat corruption and recover illegally acquired assets are crucial for promoting economic growth, social justice, and stability in the country. By holding individuals accountable for their corrupt actions and returning stolen funds to the state, Kazakhstan is taking significant steps towards a more transparent and accountable governance system.