The Guarantee Fund has denied reports that its assets were used as collateral for the ‘Alfa Oil’ loan

OJSC ‘Guarantee Fund’ has denied reports that its assets, valued at $250,000, were allegedly used as collateral for a $25 million loan to Alfa Oil LLC.

The day before, at a meeting of the Housing and Utilities Committee, Alimzhan Baigazakov, an auditor at the Chamber of Accounts, reported that the $25 million loan to ‘Alfa Oil’, which had been granted to keep fuel prices in check, had proved ineffective. According to him, the company was also granted $475,000 in subsidies, whilst assets worth $250,000 were provided as collateral.

Following this, the Guarantee Fund issued an official clarification. The organisation stated that ‘Alfa Oil’ is not a client of the Fund, and that the Fund itself did not provide the company with any guarantees, did not act as a guarantor for its obligations, and did not participate in securing the loan in question.

The Guarantee Fund also emphasised that its assets had not been provided as collateral for ‘Alfa Oil’s’ loan obligations.

At the same time, the Fund noted that it was not mentioned in the video recording of Alimzhan Baigazakov’s speech.

Previously, an auditor reported that in 2025, ‘Alfa Oil’ received a loan of $25 million at 7 per cent per annum. According to the auditor, the interest on the loan was fully covered by the state, and the granting of the loan did not lead to any tangible results in keeping fuel prices in check.

In April 2026, the Jogorku Kenesh Committee on Finance, Budget, Entrepreneurship and Competition Development approved a decree by the Cabinet of Ministers to allocate a further $36 million to ‘Alfa Oil’.