EBRD Adds Kazakh Companies to Blacklist

Over the past six months, the European Bank for Reconstruction and Development (EBRD) has added two Kazakh enterprises to its blacklist of entities that the bank will not do business with.

One of the companies is Astana’s KS-Group LLP, which produces railway machinery and equipment. The company has been barred until April 2025 due to alleged fraudulent activities. The other enterprise, whose ban runs until December 2026, is Agidel-As LLP, which is also suspected of fraud. The company’s website mentions its involvement in large water-supply projects, construction of heating networks and other engineering projects.

KS-Group and Agidel-As are also blacklisted by the World Bank and Asian Development Bank.

Several other entities and individuals from Kazakhstan have been added to another of EBRD’s blacklists, entitled ‘Sanctions Based on Third-Party Findings’. Among them are the companies A3 Commerce and AltocomAsia, to which in addition to fraud, theft is also alleged.

Kazakh companies that appear on EBRD’s blacklists reflect the negative side of the business environment in the country. However, it does also indicate that the country’s law enforcement agencies are actively fighting fraud.

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Times of Central Asia

Askar Alimzhanov graduated from the journalism department of the Kazakh State University named after S. Kirov, then worked as a correspondent for the daily republican newspaper Leninskaya Smen. He then moved to the United States to be a reporter for the daily newspaper "Cape Cod Times" in Hayanis, Massachusetts, (USA) under the journalist exchange program between the Union of Journalists of the USSR and the New England Society of News Editors. Since then, he has helped build transparency and understanding of Central Asia region in various executive level positions at esteemed media organizations including "Akbar"(Alma-Ata) international center for journalism, the Khabar News agency, the Television and Radio Corporation "Kazakhstan" JSC, and MIR- Kazakhstan.

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