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Shymkent Social Entrepreneurial Corporation, involved in embezzlement, also failed in the Stabilization Fund

14.03.2023
Shymkent Social Entrepreneurial Corporation, involved in embezzlement, also failed in the Stabilization Fund

The social entrepreneurial corporation Shymkent has been involved in another scandal. It now features in the news reports because of suspected embezzlement in the sale of flour. The analyst of World of NAN editorial board tried to find out what else the SEC management was involved in.

As for the news about the embezzlement, it turns out that SEC bought flour from a supplier for a total amount of 650 million tenge. Then sold back to the same supplier the same flour for a lower price. Thereby the employees involved caused a loss of 68.8 million tenge.

We, in turn, have analysed other activities of this SEC. We found that most of the activities of the Shymkent SEC are mainly in the sale of housing and the financing of the purchase of buses.

Accordingly, 1,338 apartments were sold in 2020-2022, and 890 buses were purchased in 2018-2019 through the financial leasing of the BRK. But in 2021, SEC terminated the leases, and all the buses were transferred to secondary financial leases to 3 bus fleets. The share of revenues from the sale of apartments in the total amount is more than 90%.

It should be noted that this corporation, as in any other regions, is engaged in the sale of food from the stabilization fund. However, there is no progress to speak of here either.

First, its average share in revenues over the past 4 years amounts to only 2.3%. Secondly, in 2021 only 83.6 million tenge worth of food was sold, and in 2022 even less: only 25 million tenge, with an initial target of 1.33 billion tenge. It turns out that the plan in 2022 was carried out only by 2%. Third, the plan was to buy 8100 tons of food, but only 100 tons were purchased.

The most interesting thing is that in 2022 the SEC received loans from the city Akimat in the amount of 3 billion tenge at an annual interest rate of no more than 1%. In 2021, the state budget allocated 3.5 billion tenge, and in 2020, 1.96 billion tenge. During this entire period, the purchase of food in the stabilization fund amounted to only 1.03 billion tenge. That is, 7.4 billion over 3 years have not been utilized properly by Shymkent SEC. And in the business plan, the SEC intends to continue to receive 3 bln tenge annually (3.7 bln in 2023) from loaned budgetary funds in 2023-2026. It is these loan contracts that were the subject of the anti-corruption agency's claims, as they were entered into on paper and without references to legal norms.

Incidentally, the "extra" money SEC simply circulates in the second-tier banks. The total amount of money on the SEC balance sheet by the end of 2022 was as much as 17 billion tenge, with the total assets of almost 50 billion tenge. Why keep so much money in bank deposits, if one can invest in projects, buy foodstuff or return to the budget for more urgent needs?

We should also note that the administrative staff consists of 94 people, and their average salary in 2022 was 609 thousand tenge per month. Let us remind you that the average salary in Shymkent is 250 thousand tenge, and the median salary is probably 30-40% lower. In 2024, according to the business plan, the salaries of SEC employees will be 806 thousand tenge a month. How fair are such very high salaries against the background of non-fulfillment of plans for the Stabilization Fund?

In conclusion we would like to say that the activities of SEC in relation to the Stabilization Fund are a failure. The Corporation receives 3 billion tenge a year of budgetary funds at a preferential rate, but does not use them in full to fulfill the functions of the stabilization fund. Here either the budgetary infusions should be reduced or a normal work with the Stabilization Fund should be started. This is especially urgent against the background of record inflation in Kazakhstan. We will not estimate other activities of SEC closely, as they are from other sector. Nevertheless, the story with the buses was also covered by the local media, and the termination of the financial leasing with the subsequent recognition of a loss of 4.3 billion tenge does not look quite favorable as well.


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