Violations amounting to almost 1 billion soms found at Kyrgyzneftegaz OJSC

An audit conducted by the Accounts Chamber of the Kyrgyz Republic has uncovered significant financial irregularities at Kyrgyzneftegaz OJSC, a major strategic enterprise in Kyrgyzstan. The audit, covering the year 2025, identified violations and deficiencies amounting to a staggering 967.8 million soms, equivalent to nearly $11.3 million.

The findings indicate that a substantial portion of these violations, specifically 135.9 million soms, are subject to mandatory refund, though only 8.9 million soms have been recovered thus far. The report highlights ineffective management as the primary cause of substantial losses, with Kyrgyzneftegaz and its subsidiary losing an estimated 495 million soms in potential revenue due to untimely operational decisions.

Further irregularities were found in the distribution and processing of the payroll fund, totaling 281.4 million soms. The company's management also failed to properly collect 120 million soms in current and long-term accounts receivable. Additionally, 54 million soms were spent on excessive and unjustified expenses. The audit also identified issues in capital construction, public procurement, and land reclamation.

Kyrgyzneftegaz OJSC has been instructed to correct the identified deficiencies and to return over 126 million soms to the company's revenue. The audit materials are slated for submission to law enforcement agencies for further legal review.