Baysat Market, previously owned by Kairat Satybald's son, is now being offered for sale.
Kairat Satybaldy, a prominent businessman in Kazakhstan, has found himself in legal trouble after being convicted under several articles of the Criminal Code. He was sentenced to six years in prison, with his property confiscated and the right to hold positions in the state service and national companies revoked for a decade.
The sentence came after a criminal case was opened against Satybaldy, and he was found guilty of causing material damage to JSC "Kazakhstan" in the amount of over 12 billion tenge and embezzlement of property of JSC "Center for Transport Services."
Satybaldy was arrested while attempting to leave the country in March 2022. His former wife, Gulmira Satybaldy, was also sentenced to six years in prison, but her term was later increased.
In a related development, the LLP "Bayzat Center for Wholesale and Retail Trade," previously owned by Kairat Satybaldy's son, Bauyrzhan Nursultan, is set to be auctioned off. The auction is scheduled for November 18 at 10:00 AST on the E-Qazyna portal.
The sale of "Bayzat" is part of the company's activities to manage recovered assets. The starting market price of "Bayzat" is 28 billion 639.882 million tenge. The proceeds from the sale will go to the Special State Fund and will be used for socially significant projects.
Furthermore, another 50 billion tenge is planned to be returned to the state in the case of Kairat Satybaldy, as reported by Anti-Corruption. The share of the "Bayzat" market owned by affiliated companies - LLP "Joint Venture KazGerStroy" and LLP Astana Finansial Group, was returned to the state by the Almaty prosecutor's office in January 2024.
It's important to note that Satybaldy signed two mediation agreements, admitted his guilt, and compensated for the damage before the verdict was pronounced.
Satybaldy is also under investigation for another case, but no further details about this investigation are provided in this paragraph.
The sale of assets is in the interests of society, as stated in the information. This move is a testament to the ongoing efforts to combat corruption and misuse of public funds in Kazakhstan.
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