Almaty commission moves to resolve problem housing complex shareholder disputes

In Almaty, a city interdepartmental commission has started taking concrete steps to resolve problems faced by shareholders in troubled residential complexes. The measures aim to return shareholders' funds, complete construction and attract new investors. The commission was formed under the city administration by order of the Almaty akim.

The ban on property at the Esentai City complex has been lifted and construction will continue. For Dostar Deluxe, a mechanism to compensate shareholders for losses has been proposed to an initiative group of property owners. A new investor has been found for Monblanc; after buying the land plot, the investor said it is ready to cover shareholders' losses, and an agreement is being drafted. Criminal proceedings have been opened over the illegally built Pine Hill and Sky Club projects, and a new investor has agreed to take the plots once documents are restored.

Solutions for Shveitsariya, Silver Hills and other projects will follow the end of criminal investigations. Olzhas Tlebayev, head of the city's construction control department, said the commission's decisions will be binding on all state bodies involved.