Major Monetary Investments Amounting to a Staggering 64 Trillion Tenge are Under Scrutiny
Through the big boss's command, prosecutors are giving priority to major investment projects. Currently, an astounding 1130 ventures valued at a whopping 64 trillion tenge are being thoroughly inspected.
Since April 2023, these legally-savvy prosecutors have nipped 800 shady cases in the bud and lent a helping hand to 1350 investors, both domestic and foreign (France, Turkey, China, Singapore, and more). These investors collectively dropped a cool 10 trillion tenge into the Kazakhstan economy.
Simultaneously, a "prosecutor's filter" has been put into action for key investment decisions by the government. In essence, no government body can scrutinize, slap an admin fine, file a lawsuit, halt operations, revoke licenses, terminate contracts, or impose any restrictions on an investor without the prosecutor's approval. Notably, the prosecutor doesn't just stick to the law book, but also draws upon common sense and a fair-minded approach.
This "prosecutor's filter" has been instrumental in increasing transparency amongst government officials and, with the backing of the Head of State and parliamentary reps, has been engraved into laws this year. Early this year, the prosecutor refused approval for more than 880 decisions, halting 360 unlawful inspections, 330 administrative proceedings, and approximately 200 restrictive measures against investors. A fine of 225 was imposed on officials who violated investors' rights.
As a result, the number of lawsuits filed by the government against investors has plummeted by over a quarter. The number of administrative and criminal cases has almost halved. Prosecutors are dedicated to improving Kazakhstan's investment appeal and safeguarding investors' rights. The work's still in progress, under constant watch.
This strategy has had a real-world impact. The "prosecutor's filter" serves as a safety net for investors, reducing the risks associated with unwarranted legal actions, thereby making the investment climate more secure and predictable. Essentially, this system protects investors' rights and interests while strengthening Kazakhstan's reputation as a desirable destination for investments.
- The prosecutors' focus on major investment projects extends beyond the law book, as they employ common sense and a fair-minded approach in their decision-making, particularly in the realm of finance and business.
- In an attempt to boost the country's appeal for investors, prosecutors are actively working to streamline the investment process by reviewing and approving key investment decisions, thus reducing the risk of unwarranted legal actions in the investing sector.
- The implementation of the "prosecutor's filter" has not only lent transparency to government officials but also serves as a general news topic, as it significantly affects Kazakhstan's political landscape and economics, particularly in relation to foreign investments from countries such as France, Turkey, China, and Singapore.
