The national company QazExpoCongress has dissolved one of its subsidiary corporate funds following the directive of the Supreme Audit Chamber (SAC), as reported by Tengrinews.kz.
According to the SAC, QazExpoCongress has optimized its structure and dissolved the subsidiary corporate fund "Trade and Exhibition Center 'Kazakhstan'." The necessity for these measures was identified based on the results of a state audit of the Ministry of Trade and Integration and its subordinate organizations.
"The audit revealed that the national company has two corporate funds: the eponymous QazExpoCongress fund and the 'TVC Kazakhstan' fund, through which targeted financing for the national company and management of Kazakhstan's pavilions at VDNH in Moscow and at EXPO-2020 in Dubai were carried out. However, the insufficient workload of these two non-profit organizations, as well as the duplication of certain functions, raised questions about the feasibility of their continued parallel operation," the statement said.
In this regard, the Ministry of Trade and Integration, together with JSC "NC QazExpoCongress," has been tasked with conducting the necessary reorganization. As a result, the national company, in coordination with the ministry, decided to dissolve the "TVC Kazakhstan" fund, transferring all assets, existing buildings, and contractual obligations to the management of the QazExpoCongress fund.
The national company QazExpoCongress was established by a government resolution on January 15, 2013. The main objectives of creating the company were:
- Preparation and organization of the International Specialized Exhibition EXPO-2017 in Astana;
- Operation and use of EXPO-2017 facilities after the exhibition concludes.
