Kazakh watchdog exposes Jonaev SE's unapproved loan and leasing schemes
An inspection by the Almaty Region's competition watchdog has uncovered regulatory breaches at Jonaev SE Corporation. The state-backed company was found issuing loans and financial leasing without the required antitrust approvals. Authorities have since ordered the firm to correct these violations.
The Department of the Agency for the Protection and Development of Competition in the Almaty Region recently concluded an investigation into JSC Social Enterprise Corporation Jonaev. The probe revealed that the company had been providing loans to rural entrepreneurs under the Aul Amanaty programme without first securing permission from antitrust regulators.
Under Kazakh law, state-affiliated organisations must obtain consent before expanding or altering their business activities. Jonaev's financial leasing operations also fell under this requirement. Both practices violated Article 192 of Kazakhstan's Entrepreneurial Code, which mandates prior approval for such transactions. Following the findings, the company was instructed to remedy all breaches. Jonaev SE Corporation has since confirmed that every identified violation has been addressed.
The case highlights the need for state-linked firms to comply with antitrust procedures when modifying their operations. Jonaev SE Corporation has now adjusted its practices in line with regulatory demands. No further penalties were reported in connection with the inspection.
