The Financial Monitoring Agency has provided details regarding the investigation into the commodity exchange Modern Trading Solutions. The management of this exchange was selling coal from the Shubarkul field exclusively to those who offered illegal financial rewards, reports Tengrinews.kz correspondent.
According to current legislation, coal sales through trading exchanges were intended to promote competition and establish fair prices without the involvement of speculative intermediaries.
"At the same time, the management of Modern Trading Solutions organized their operations by registering 23 brokerage companies under relatives and trusted individuals, allowing only those who regularly provided monetary rewards to participate in coal purchase auctions. Otherwise, entrepreneurs were excluded from the bidding process through delays in accreditation, non-signing of contracts, restricted access, and annulment of results. This resulted in numerous complaints and social tension ahead of the heating season," the AFM reported.
According to the AFM, the annual criminal income of the group amounted to over two billion tenge, which was laundered through companies under its control. A measure of restraint—detention—has been chosen for three executives of the trading exchange, while one individual with a similar measure has been declared wanted.
Other information is not subject to disclosure in accordance with Article 201 of the Criminal Procedure Code of the Republic of Kazakhstan.
Recall that in November 2024, the Agency for the Protection and Development of Competition (AZRK) announced the start of an investigation into the commodity exchange Modern Trading Solutions. At that time, AZRK reported that the exchange was suspected of abusing its dominant position in organizing the trade of utility-grade coal.
