What property confiscated by the state is sold for one tenge?
At auction, the price is determined during the bidding process and depends on the existing demand for the property.
If the property does not sell at the first upward bidding, it is put up for subsequent downward bidding.
In such cases, if there is no interest from buyers, the price may drop significantly, reaching one tenge.
Confiscated vehicles are sold without removing the encumbrance and seizure. Why don't you remove the restrictions on the vehicle?
Since the State Property and Privatization Committee and its structural divisions enforce the court decision to confiscate property for the state, we are a third party and act only as the seller. A third party cannot remove the encumbrance. Therefore, the auction winner, as the new owner of the property, in accordance with Article 107 of the Criminal Code, is entitled to the right ... Article 160 of the Civil Procedure Code of the Republic of Kazakhstan applies to the court, and based on the court's decision, the bailiff removes the encumbrance and seizure.
Reference: Article 160 of the Civil Procedure Code of the Republic of Kazakhstan
Security for a claim may be revoked by the same court upon the application of a party to the case, the parties to the arbitration proceedings, or on the court's own initiative.
Who can participate in property purchase tenders on the state registry website?
Bidders may be individuals or non-governmental legal entities.
To do so, you must obtain an electronic digital signature and register on the state property registry website in accordance with the established procedure.
What types of bidding methods are available? Can I participate in subsequent stages if I did not participate in the first auction?
Bidding methods include ascending and descending price bidding. They are used in auction-style bidding.
At the first auction, the ascending price bidding method is used.
If the property is not sold at the first auction, it is put up for subsequent auctions using the descending price bidding method.
There are no restrictions on participation in auctions for individuals.
You can participate in any auction – whether the price is rising or falling.
For reference: there are restrictions for legal entities:
According to the Rules for the Sale of Privatization Objects, the following are not subject to registration as auction participants:
1) a legal entity that, in accordance with the legislative acts of the Republic of Kazakhstan or the constituent documents, is not entitled to engage in the types of activities that are a condition for the sale of the privatization object at auction;
2) the organizer;
3) joint-stock companies whose shares are owned by a joint-stock company whose shares exceed twenty-five percent of the authorized capital are put up for auction.
Can you explain the auction procedure for descending prices?
When conducting an auction using the descending price method, the starting price is reduced by 5% until a winner is determined.
The winner is the first participant to confirm their intention to purchase the property at the current price.
Could you please clarify where the proceeds from the sale of privatized properties are directed?
Proceeds from the sale of republican property are sent to the National Fund of the Republic of Kazakhstan.
If municipal property is sold, the proceeds go to local budgets.
Hello! I would like to participate in an auction to purchase property, specifically a car. I know I must pay a security deposit before participating. If I don't win, will the security deposit be refunded or is it non-refundable?
If you are not the winning bidder, your security deposit will be refunded.
To do this, you must submit an application on the State Property Registry website, providing your bank details.
Within three business days of submitting this application, your security deposit will be sent to these bank details.