| An individual & "Astana Finance" JSC | |
|---|---|
| Lead NCP | Kazakhstan |
| Supporting NCP(s) | |
| Description | Specific instance alleging a non-observance of the OECD Guidelines. |
| Theme(s) | General policies, Disclosure, Consumer interests |
| Date | 1 Aug 2023 |
| Host country(ies) | Kazakhstan |
| Source | Individuals |
| Industry sector | Financial and insurance activities |
| Status | Not accepted |
| Summary | Read the Final Statement published 18 July 2024: English On 1 August 2023, Baiganin Erbolat Momynovich, an individual active in the Finance industry, submitted a specific instance to the Kazakhstan NCP alleging that "Astana Finance" JSC, a financial services company, had not observed the General Policies (Chapter II), Disclosure (Chapter III) and Consumer interests (VIII) provisions of the Guidelines. The submitter is the founder of Nomad Finance LLP, which has carried out activities with Astana Finance JSC. Specifically, issues raised related to the alleged non-payment of debt in accordance with the company’s obligations following its default in 2008. On 18 July 2024, the NCP published a final statement deciding not to accept the specific instance for further examination. Based on the information provided during the initial assessment phase, the NCP considered that an offer of good offices would not contribute to the purposes and effectiveness of the Guidelines. The NCP nevertheless recommended that Astana Finance ensure that its website is operational and contains all necessary information in accordance with its information disclosure policy. #nationallaw #corporategovernance #projectfinance #localsubsidiary |
