Shaikenov Yerzhan Blokovich

Shaikenov Yerzhan Blokovich

Biography

2023: Sentence - 10 years in prison for embezzlement of $49m

In October 2023, Former Chairman of the Board of Tengri Bank Yerzhan Shaikenov was found guilty of embezzlement of bank funds and sentenced to 10 years in prison. Only 14 people were in the dock. They were charged with embezzlement of funds by embezzlement and embezzlement of entrusted other people's property, illegal use of bank money and abuse of their powers.

The Almaty City Court found that, while serving as chairman of the bank from 2015 to 2020, Yerzhan Shaikenov created a criminal group. With its help, he ensured a positive consideration of applications for the issuance of illegal loans, despite the negative parameters of borrowers, including inconsistencies in the standard conditions of the loan and data on borrowers' income, the lack of solid liquid collateral, the presence of high risks of insolvency of borrowers, as well as providing them with an unreasonable grace period to repay the principal debt and remuneration.

As a result of these actions, the financial organization suffered damage totaling 23.5 billion tenge ($49 million). The defendants pleaded not guilty.

Six were found guilty of embezzlement and embezzlement of someone else's property on a large scale and each was sentenced to 8 years in prison, with confiscation of property, deprivation of the right to hold senior and material positions in commercial organizations for 10 years. Three were found guilty of illegal use of bank money and convicted by 1 to 1 years 6 months of restriction of freedom with the involvement of forced labor for 100 hours annually.

Former bankers were banned for life from becoming large shareholders of financial organizations. The court ruled to confiscate their property and banned 10 years from holding materially responsible and senior positions in commercial organizations.^[1]

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