The State Agency for State Property Management (GAUGI) has explained who determines the value of property returned to the state

The value of state property, including assets returned to the state, is determined by independent private valuation firms. The State Agency for State Property Management bears no responsibility for the final valuation or the conclusions reached by the valuers.

This was stated by GAUGI Director Beksultan Tokonov, commenting on questions regarding the possible overvaluation of property returned to the state.

According to him, the price of each item is determined on a case-by-case basis and depends on its characteristics and the market situation. Therefore, the value of the same property may vary significantly over time.

Tokonov cited cars as an example: the same make of car might be worth $10,000 this year, but $5,000 in two years’ time. A similar situation is possible with plots of land, the value of which, conversely, may increase.

He also noted that the price of an asset at the investigation stage may differ from the value determined during a subsequent revaluation. However, the final conclusion regarding the value of the property is issued by a private valuation company, which is responsible for the results of its work.

During his speech, Tokonov did not specify the exact total value of the property managed by GAUGI, noting that the relevant data would need to be consulted to provide an answer.