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Tractebel in Kazahstan : Corruption Case

In March 2000, it was announced that the Belgian justice ministry is ready to indict the former Kazhak prime minister and other for money laundering

The former prime minister, his wife and 3 businessmen, who became minority shareholders of Tractebel SA's Kazakh unit could be indicted.

In December 1999 Belgian and Swiss authorities were looking into a payment of $50- million (all figures in U.S. dollars) allegedly made by Tractebel to three Kazakh businessmen as a fee to secure a gas pipeline concession. "There is an inquiry by the investigating magistrate (Francoise) Roggen. Up until now there have been no arrests," Brussels prosecutors' office spokesman Jos Colpin said yesterday

Tractebel has two operations in Kazakhstan: Intergas Central Asia JSC, which is involved in running gas pipelines, and Almaty Power Consolidated JSC, which provides power and heat in the Almaty area. The gas pipeline concession, obtained in June, 1997, more than a year after the Almaty power deal, was championed at the time as a small victory for the Belgian company against much larger oil majors

The investment has since turned sour and could cost the company one billion francs in 1999 after losses of 208 million francs in 1998, prompting the company to book a country risk provision of eight billion francs ($201-million US) in its accounts. Tractebel is reviewing its Kazakh operations : L'Echo said the company would book 1999 losses of up to 1.4 billion francs ($35.17 million) from its Kazakh operations

The following lists all references contained in our database that are relevant to this briefing
FINANCIAL POST [12/28/1999] '' [Source ID = 4217]

Reuter [12/28/1999] '' [Source ID = 4218]

 [] '' [Source ID = 5106]

AFX European Focus [3/20/2000] 'Belgium reportedly ready to indict ex-Kazak prime minister in Tractebel probe' [Source ID = 5107]

Intelligence Newsletter [7/27/2000] 'HREAT ASSESSMENT; CORRUPTIONHow the Money Flows in Kazakhstan' [Source ID = 5110]


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