Kazakhstan Finpol suspected Company Agip of fraud amounting to $110 million

/IRBIS, November 19, 2010/ - Agency of the Republic of Kazakhstan for Fighting Economic and Corruption Crimes (Financial Police) suspected the company Agip in fraud amounting to 110 million dollars. The statement was made Head of the Information and Analytical Department, Financial Police Kazakhstan Mr. Adil Abylkassymov during the international conference "Political and legal aspects of the subsoil of Kazakhstan." "Oil company Agip twice were taken into account the same cost of construction and installation works on the object 'Installation of complex oil and gas treatment plant onshore Bolashak the amount of $ 110 million, which were subsequently scheduled for reimbursement through the mined volume of oil and gas . In this incident is currently under investigation by criminal proceedings under Article fraud ", - said Mr. A. Abylkassymov. The representative of finpol noted that subsoil use running in a mode of production sharing agreements are guaranteed reimbursement of their costs for exploration of hydrocarbon deposits by commercial oil and gas. "Taking advantage of this provision, unscrupulous investors complete the amount of actual invest liabilities i.e. investment" - he said. "The result comes not only tax evasion but also the misappropriation of public funds." Agip KCO is the operator of the North Caspian project until November 2009, became the legal successor of the Agip KCO NCOC. Shareholders are NCOC Agip Caspian Sea BV (16.81%, KMG Kashagan BV (16.81%, Conocophillips North Caspian Ltd. (8.4%, ExxonMobil Kazakhstan Inc. (16.81%, Inpex North Caspian Sea Ltd. (7.56%, Shell Kazakhstan Development BV (16.81% and Total E & P Kazakhstan (16.81%). [2010-11-19]