Financial Regulator: Company with 20–22 Subsidiaries Collected Nearly 5 Billion Soms from Kyrgyzstanis

Kyrgyzstan's State Service for Regulation and Supervision of the Financial Market is investigating a company that attracted approximately 5 billion soms from the public with promises of high returns. This was announced by the head of the regulator, Kairat Mamatov, on air on "Birinchi Radio."

According to him, the company created between 20 and 22 affiliated organizations and used a brokerage license from the financial regulator to mass-collect money from citizens. Clients were promised returns of 18 to 28 percent annually.

Matmatov stated that "one large company opened approximately 20–22 companies, used a brokerage license, and mass-collected money," attracting a total of up to 5 billion soms.

The amount of outstanding obligations to depositors is approximately 3.5 billion soms. The financial regulator, together with the Ministry of Internal Affairs and the National Bank, has transmitted collected materials to investigative bodies. Measures are being taken to return funds to those affected.

Matmatov emphasized that a brokerage license does not grant the right to accept deposits from the public—a separate license from the National Bank is required for that. He did not disclose the company's name, citing the ongoing investigation.

The head of the regulator warned that "if they guarantee 25, 30, or 40 percent annually, one should be cautious," because this may have characteristics of a financial pyramid, and such guarantees are unrealistic.