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Provider: Reuters Investment Profile
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Kazakhstan Kagazy AO comments on criminal proceedings against company


Monday, 23 Dec 2013 05:25am EST 

Kazakhstan Kagazy AO:Says in connection with initiation of criminal proceedings against the company it states that it conducts business under the laws of Republic of Kazakhstan and releases its financial statements in accordance with the requirements of International Financial Reporting Standards (IFRS).Says it is audited annually by both Kazakh and London offices of PricewaterhouseCoopers in accordance with the requirements of IFRS.Says all services, including consulting, transportation and services under the agency contracts are in accordance with the Act on private entrepreneurship and the Tax Code of the Republic of Kazakhstan.Says the cost of services is determined on the basis of their commercial expediency, and all supporting documents are available.Says its work with individual entrepreneurs does not contradict the legislation of Republic of Kazakhstan, and does not constitute grounds for criminal prosecution.Reiterates that in the period from 2010 to the present day it did not attract any borrowed funds.Says the credits referred to in the media occurred when the former shareholders and directors were Baglan Zhunus and Makhat Arip, against whom the company filed lawsuit in the High Court in London for an illegal withdrawal of funds from the company.Says despite this, it has paid to the relevant creditors all free cash flow generated by the group enterprises. 

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