Given the loud promises, significant budget support, and government orders, it seemed that the conditions for the successful operation of the company were created. However, the reality turned out to be different: information about the holding became significantly less, and the number of operating enterprises created under its auspices is extremely small.
Optimism at the Start
Criticism of the idea of creating the holding was heard even before its inception. Nevertheless, "Kyrgyzindustry" was established and began to spend large sums without visible results. The first audits showed that the concerns were quite justified.Funds were directed to form the charter capital of new companies, while the issue of reviving 16 enterprises with state shares, transferred by a government resolution, remained open. The audit revealed that 29% of the budget was spent on projects unrelated to industrial activities.
As of the end of 2023, "Kyrgyzindustry" finished the year with losses of 100.6 million soms. As of December 31, 2023, it had 26 subsidiaries on its books, which is only half of the planned 51 enterprises created in 2022-2023. Most of them had the status of limited liability companies, where "Kyrgyzindustry's" share ranged from 30% to 100%.
In April of last year, the Accounts Chamber reviewed the audit report of the holding for the period from January 1, 2023, to December 31, 2024, revealing numerous discrepancies and financial violations amounting to over 19 million soms.
According to the report, in 2023, profits came only from six subsidiaries, totaling 8.3 million soms, while in 2024, profits came from four subsidiaries, amounting to 56.5 million soms, as indicated in the Accounts Chamber's statement.
Additionally, unjustified salary payments, shortages of cash and material assets, as well as numerous violations of tax legislation were identified.
Scandals and Criminal Cases
But that’s not all. Following the release of the audit report, the president of "Kyrgyzindustry," Zharasul Abduraymov, resigned, followed by reports from the State Committee for National Security (SCNS) about the initiation of a criminal case related to the activities of the holding. According to SCNS data, from 2022 to 2024, "Kyrgyzindustry" received over 2.3 billion soms from the state budget. However, some officials of the holding, acting in their own interests, created a stable corruption scheme to misappropriate and embezzle budget funds through subsidiaries.The structure of the joint-stock company included numerous managerial positions: out of 75 employees, 33 held managerial posts. Close acquaintances and relatives were appointed to these positions, receiving high salaries. At the same time, the management held positions both in the joint-stock company and in the subsidiaries.
As a result of these actions, arrests were made of the former head of the holding, Zharasul Abduraymov, vice president B. B., director of LLC "Alai Barstary" U. B. K., and director of LLC "Corporation Stroy Resurs" A. M. Y. Later, two more directors of subsidiaries were detained. The investigation is ongoing, and the former head of "Kyrgyzindustry" passed away in October 2025.
The current president of "Kyrgyzindustry," Almanbek Ismailov, declined to comment on the situation, stating that an investigation is underway.
Taxes and Current State of the Holding
What is happening with the holding now? Is it operational? It is difficult to answer this question, as there is no official data on new productions or reports on current activities.According to information from the Ministry of Finance, "Kyrgyzindustry" continues to operate, but its activity has decreased since its establishment. Over four years, contributions to the budget decreased from 19 million soms in 2002 to 2 million in 2025.
Data shows that 5 out of 15 companies did not operate last year, making no tax or insurance payments. Another company, LLC "Kyrgyzfarmtech," registered in 2023, also showed no activity, as evidenced by the lack of budget contributions over three years.
Moreover, most companies that were previously mentioned on the "Kyrgyzindustry" website as examples of successful operations underwent re-registration in 2024-2025.
