Suleimanov told about fees and multi-billion expenses of USPF

Date: 10:20, 02-09-2019.

Almaty.  September 2. KazTAG - Zhangeldy Suleimanov, well known Kazakhstani lawyer, has told about rates and multi-billion expenses of the Uniform Saving Pension Fund (USPF), he is going to apply to the court.
"USPF turned out to be a very good business. Legally USPF is a noncommercial organization; it means it is not supposed to be focused on profit. USPF has a special legal status. Despite the fact that it is a noncommercial organization, the law provides an interest rate which the fund gets from our money. In 2018 USPF received 15 bn tenge from our deposits and 45 bn tenge investment profit," he wrote in the social networks.
In his words, "it is unfair, that USPF gets money for nothing".
"USPF has nothing to do with the investment profit and its 45 bn tenge profit is illegal. The accumulated profit as of April 1 made 135 bn tenge or $35 mln. Of course, under such profits, USPF spent 7.3 bn tenge on salaries and business trips in 2018. 1500 people work in the fund. I think their average salary varies within 350-380 thousand tenge, it means it might be 100 000 tenge and 1 mln tenge," he said.
He said, "it is not right that the people of Kazakhstan pay commission fees to USPF".
"As far as it is noncommercial organization, the expenses must be changed. No profit, especially $35 mln! I will shut down USPF through the court. It is a perfect business! No advert! No risks! No marketing! Do nothing and get millions of dollars," he added.



Photo source: picture from an open source

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