In pursuance of the Comprehensive Privatization Plan approved by the Government of the Republic of Kazakhstan, as well as on the basis of corporate decisions of the shareholder, Kaz Energetik Build LLP and Kazakhstan Engineering NC JSC concluded a sale and purchase agreement in October 2018 for a 100% stake in the authorized capital LLP "KazInzh Electronics" (hereinafter - the Partnership) with the provision of payment by installments to the buyer and the right of trust management of the acquired share of participation.

During the period of trust management of Kaz Energetik Build LLP (hereinafter referred to as KEB), the Partnership was recognized as an unfair supplier due to non-fulfillment of obligations under public procurement contracts. In relation to the Partnership, legal proceedings were initiated on the return of advances in the amount of 397 million tenge and the collection of penalties.

In connection with the failure of the Partnership to comply with the decisions of the courts, bailiffs seized the property and accounts of the Partnership, and also began procedures for the forced sale of the property of the Partnership, which could entail the sale of assets at a reduced cost with irreparable damage to the interests of the Partnership and the Company, the shareholder of which is Government of the Republic of Kazakhstan.

Based on the results of the audit of the Partnership's activities during the KEB trust management period, initiated by JSC “NC“ Kazakhstan Engineering ”(hereinafter referred to as the Company), numerous violations were revealed. The materials of the audit were transferred in January this year to the Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan.

Since July 2019, KEB has not made payments under the Sale and Purchase Agreement for the participation interest in the Partnership, of which the Company has repeatedly notified KEB. Due to the systematic violation of the terms in November 2020, the Sale and Purchase Agreement was terminated by the Company.

At present, KEV continues to evade payment of debt to the Partnership in the amount of 227 million tenge, as well as from the execution of a court decision, which entered into legal force, on payment of penalties.

Any publication of unverified and inaccurate information will be considered as unfriendly and provocative actions, in connection with which JSC “NC“ Kazakhstan Engineering ”reserves the right to use any legal methods to protect its interests and business reputation from the actions of third parties, whatever they may be guided by ...