"Adjudge R. Yerdenayev guilty under p.2 p.4 art.189 (embezzlement) and p.4 art.366 (bribery) Sentence him 12 years imprisonment," said Martpek Kakimzhanov, judge of specialized interdistrict criminal court.
He will serve sentence in a maximums security colony.
According to the investigation, USPF acquire 500 000 bonds valued 5 bn tenge of Buzgul Aurum at Kazakhstan's Stock Exchange on October 6 2016, meanwhile the fund had been recommended to reject investments in this company. The officials got a big bribe for the deal.
According to investigation R. Yerdenayev and his deputy D. Medetbekov got $700 000 for the deal from Buzgul Aurum.
Yerdenayev accused the national security committee of pressure and ordering the prosecution against him.
Photo source: picture from an open source