Executives of an oil and gas corporation found guilty of misappropriating 261 million Kazakh tenge
Embezzlement Scandal Hits Mangistau Region's Oil Industry
In a series of shocking developments, two prominent companies in the Mangistau region's oil industry have been embroiled in a financial misconduct scandal. The companies, West Oil Software LLP and Oil Services Company LLP, have seen key executives arrested, trials, and convictions, with a total damage compensation of 284 million tenge.
Last year, inspections at West Oil Software LLP led to the discovery of embezzlement of funds from the budget. The Mangistau regional prosecutor's office uncovered violations in material support during these inspections. As a result, three key executives of West Oil Software LLP were arrested, and the leader was later sentenced to 3.2 years in prison for embezzling budget funds, with a compensation for the damage of 261 million tenge.
Simultaneously, investigations at Oil Services Company LLP revealed that their employees were embezzling funds in the oil and gas sector. The conviction of these employees occurred before the conviction of the leaders of West Oil Software LLP. The exact details of the sentences and compensations for the Oil Services Company LLP leaders are not publicly disclosed in available sources.
The embezzlement activities at both companies significantly affected the oil and gas industry in the Mangistau region. The trial for these embezzlement cases took place in an unspecified court. During the trial, the convicted parties from both West Oil Software LLP and Oil Services Company LLP compensated for the total damage of 284 million tenge.
Our website reported the conviction of the leaders of West Oil Software LLP, shedding light on this financial scandal that has shaken the Mangistau region's oil industry. The investigations and trials serve as a reminder of the importance of transparency and accountability in business practices.
As the situation continues to unfold, it is crucial for the authorities to take further steps to prevent such incidents from happening in the future and to ensure the integrity of the oil industry in the Mangistau region.
