Blatant violations were revealed in the work of subsidiary organizations of "Baiterek"

Agency for Protection and Development of Competition of Kazakhstan has monitored the activities of the Holding "Baiterek" to ensure equal access to measures of state support. In two organizations, namely in the activities of JSC "KazakhExport" and "Development Bank of Kazakhstan" revealed violations and lobbying interests of "select" borrowers, reports World of NAN.

To recall, Development Bank of Kazakhstan carries out preferential crediting of large infrastructure projects. The violations directly connected to the work with the borrowers.

"During the study of internal documentation of the bank provisions creating unreasonable competitive advantages for borrowers who previously had access to financial instruments of DBK were established. In particular, this category of borrowers was allowed to obtain additional funding without going through the procedures of bank expertise", - said the press service of the APDC.

At the same time, within the framework of implementation of the State Program of Industrial-Innovative Development of the RK for 2015-2019 years, despite the presence of the approved, parity schemes of financing - 50% of the budget loan, 50% of other sources, some projects of the Bank were financed completely from the budget funds. At the same time, others have been credited in unequal proportions, or 100% at the expense of "expensive" money raised from other sources.

"These actions affected the final interest rate of borrowers, creating unequal conditions of access to support measures for final recipients," stressed the agency.

In addition, displays of favoritism in the Bank's activities were expressed in the priority, accelerated consideration of applications for support measures. For instance, instead of approved 70 calendar days some projects were approved within 3-4 days after receipt of application whereas other projects experienced delays exceeding 300 days.

During the analysis of JSC "KazakhExport" signs of creating unequal conditions for the establishment of counter obligations to recipients of state support measures were revealed.

"On the above facts, the operators of state support measures were notified about the presence of signs of violations of the legislation of the Republic of Kazakhstan in their actions. In addition, in order to prevent similar facts in the future an order was issued to the Holding "Baiterek" to eliminate the signs of violations and the circumstances facilitating them, "- summarized the press service of the APDC.

The notifications of antimonopoly body are to be executed within 30 calendar days after receipt of the notifications. In case the notifications are not executed within the period established by the APDC, appropriate response measures will be taken for each fact.

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