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Statement by "Baiterek" Holding regarding the information of the Anti-Corruption Service

Statement by "Baiterek" Holding regarding the information of the Anti-Corruption Service

Today, the Anti-Corruption Service of the Republic of Kazakhstan, during an online briefing, disseminated information that a pre-trial investigation has been launched against officials of "Baiterek" NMH" JSC and other individuals allegedly "regarding the theft of budget funds allocated for the purchase of consulting services to transform the business model of the subsidiary organizations of the "National Agency for Technological Development" JSC, in the amount of 197 million tenge".


In this regard, the "Baiterek" holding company gives the following explanations.


In November last year, the Holding received a statement about the need to conduct an audit on the possible fact of embezzlement of funds in the Holding in the amount of 197 million tenge. The Internal Audit Service and the Compliance Service of the Holding conducted a fact check, as a result of which no violations of the internal procurement procedures for consulting services were detected. The results of the audit were sent to the Department of the Agency of the Republic of Kazakhstan on combating corruption in the city of Nur-Sultan.


It should be noted that the Holding provided comprehensive assistance to the investigating authorities.


The holding reports intolerance of any form of corruption and is ready to provide further assistance to the investigating authorities. At the same time, the Holding, being the main financial operator of the Government of the Republic of Kazakhstan, which values its reputation, being sure that there were no theft of funds, asks the Anti-Corruption Service to inform the media about the results of the audit in order to comply with the principle of transparency.


It should be noted that the Holding, as the managing holding, was tasked with transforming the activities of "NATD" JSC with reorientation into a self-sufficient organization and a departure from 100% dependence on budget funds. To do this, it was necessary to reorganize the business model of the company. For these purposes, a consultant was invited in the person of the leading international consulting company "Accenture".


The indicated consultant, together with the management of the Holding and NATD, successfully implemented a project to change the NATD business model, followed by renaming NATD to "QazTechVentures" JSC with an updated strategy, new functionality and optimizing NATD staffing by half, and cleared the company's problem portfolio.


All approaches and activities proposed by this consulting company as part of the reorganization of the business model of "NATD" JSC were included in the updated Development Strategy of "QazTech Ventures" JSC. As a result, the company first came to profitability in 2019 and over the past six months it managed to attract two leading venture capital funds for joint investment with further financing in Kazakhstan startups.

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