Kazakhstan: President Demands Return of Offshore Funds
Kazakhstan’s President Nursultan Nazarbayev has threatened companies stashing money abroad with ominous consequences unless they repatriate their funds, media reported.
The president’s latest sally against the prevalent use of offshore banking accounts is, however, undermined by his own family’s predilection for salting away their riches overseas.
Speaking on December 6 during a national televised address, Nazarbayev said the companies storing their money overseas were performing a disservice by failing to invest instead in their own country’s economy.
Going into specifics, he said that some 18 companies are holding $12.5 billion in foreign jurisdictions. In his naming-and-shaming exercises, he mentioned, among others, the Tengizchevroil energy joint venture ($4.5 billion), state-run oil and gas company KazMunaiGaz ($3 billion), KazMunaiGas Exploration Production ($2 billion) and Asia Gas Pipeline ($1 billion).
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