SUBSIDIARIES OF BAITEREK HOLDING ELIMINATED SIGNS OF VIOLATION OF ANTIMONOPOLY LEGISLATION

Earlier, based on the results of monitoring the activities of operators of state support measures, the agency for the protection and development of competition in the activities of JSC "Development Bank of Kazakhstan" (DBK), JSC "KazakhExport" identified signs of violation of legislation in the field of competition protection.

In particular, it was found that the internal documents of DBK have developed rules that previously provided access to finance, that is, provide unjustified benefits for borrowers. Previously, for borrowers, the requirement to undergo expert procedures by the bank in the case of additional financing was not mandatory.

Also, despite the existence of approved, balanced financing schemes within the framework of the state program of industrial and innovative development for 2015-2019 (50%-budget debt, 50% — other sources), individual projects are financed entirely from budget funds, while others are financed in unequal proportions, or 100% — with "expensive" money raised from other sources. These actions affected the final interest rate of borrowers and led to unequal conditions for their access to support measures.

In addition, manifestations of favoritism were identified in the activities of DBK, in particular, when receiving support measures, special attention was paid to some applications and prompt consideration. For example, instead of the approved 70 calendar days, individual projects were agreed within 3-4 days from the moment of receipt, while the terms of consideration for other projects were violated and even exceeded 300 days.

In the activities of the operator of KazakhExport JSC, signs of creating unequal conditions were identified when establishing obligations against recipients of state support measures.

The subsidiaries of Baiterek Holding reviewed the WKDA, agreed with the arguments of the antimonopoly authority and reordered current projects in accordance with the requirements of the current legislation. In addition, the internal documentation of operators was revised, as a result of which the norms that contribute to the creation of unjustified competitive advantages for individual business entities were eliminated.