As part of the audit on the effectiveness of the state's privatization policy, gaps were identified in the regulatory framework governing the privatization process.
This has been repeatedly stated by the Head of State, Kassym-Jomart Tokayev, in his public speeches. Notably, during an extended meeting of the Government of Kazakhstan in February of this year, he pointed out that the implementation of privatization plans faces the same persistent issues.
For instance, the state audit revealed that the existing conditions allowed for varying approaches and methods when assessing similar privatization objects, did not promote adequate information dissemination regarding upcoming auctions, and limited the maximum amount of the security deposit to 30,000 MRP.
Additionally, there was no established procedure for handling unclaimed security deposits, there were unregulated provisions and potential corruption risks, as well as other shortcomings.
Following the audit, the Ministry of Finance of Kazakhstan was tasked with preparing the necessary amendments and additions to the Rules for the Sale of Privatization Objects, which were approved back in 2011. As a result, these changes were enacted by a decree from the Government of Kazakhstan on October 26 of this year.
It is now established that the security deposit required to participate in the auctions is set at 15% of the initial price of the privatization object.
After the announcement of the auction is published on the state property registry portal, the seller must additionally notify their audience through available internet resources or social media.
All actions related to the security deposit, including unblocking and refunds, are carried out by a single auction operator via the user's electronic wallet.
Moreover, the single operator is prohibited from using the security deposits received into a special transit account, as these are not recognized as their own assets.
The implementation of the recommendations and directives resulting from the state audit is under the oversight of the Supreme Audit Chamber of Kazakhstan.