Article 239. Bringing to insolvency of the Criminal Code of the Republic of Kazakhstan, the Criminal Code of the Republic of Kazakhstan
1 Concealment of property or property obligations, information about property, its size, location or other information about property, transfer of property to other ownership, alienation or destruction of property, as well as concealment, destruction, falsification of accounting and (or) accounting documentation or other documents reflecting economic activity, if these actions (omissions) committed by the founder (participant), an official, a person performing managerial functions in a commercial or other organization, bodies of a legal entity, as well as an individual entrepreneur, which led to insolvency, resulting in major damage, –
are punishable by a fine in the amount of up to two hundred monthly calculation indices or correctional labor in the same amount, or community service for up to one hundred and twenty hours, or arrest for up to forty days, with deprivation of the right to hold certain positions or engage in certain activities for up to three years.
2 Deliberate action (inaction) by a senior employee of a financial institution, a banking and (or) insurance holding company, a major participant (major shareholder) – an individual, a head, a member of the management body, a head, a member of the executive body, the chief accountant of a major participant (major shareholder) – a legal entity of a financial organization, as well as persons who temporarily or by special authority perform the functions of a governing body or executive body of a financial organization, which led to insolvency, which led to the forced liquidation of a financial organization, or to classify the bank as an insolvent bank, –
is punishable by restriction of liberty for a term of three to seven years or imprisonment for the same term, with confiscation of property, with deprivation of the right to hold certain positions or engage in certain activities for a period of five years until a ban is imposed on holding the position of a senior employee of a financial organization, banking and (or) insurance holding company and being a major participant (major a shareholder) of a financial institution for life.
President
Republic of Kazakhstan
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