JSC “NC “Kazakhstan Engineering” and Sanator - LLP “Oljakol” would like to clarify the situation on the wages of employees at JSC “Semipalatinsk Machine-Building Plant”, Semey (hereinafter - JSC “SMZ” / plant).

In February 2022, in accordance with the Law of the Republic of Kazakhstan "On Rehabilitation and Bankruptcy", by a court decision, a rehabilitation procedure was applied to SMZ JSC for a period of 5 years.

For the period of rehabilitation, all the bodies of the debtor are removed from management and the Rehabilitation manager Alyonov M.B. acts as the sole management body of the debtor.

Due to the difficult financial situation and the lack of orders at the plant, the Assembly and the Committee of Creditors, together with a representative of the workforce of the plant, began to attract a Sanator.

On May 2, 2023, the Meeting and the Committee of Creditors of SMZ JSC elected a Sanatorium - a Kazakhstani investor represented by Oljakol LLP, with whom the Sanitation Agreement was signed and elected a new Rehabilitation Manager.

This company was one of the buyers of the plant's products, and plans to continue to produce and sell railway products.

According to the Sanitation Agreement, Oljakol LLP assumes all obligations to improve the financial and economic situation of the plant, pay off its accounts payable and fulfill the Rehabilitation Plan of SMZ JSC, where the wage arrears to the entire plant staff are paid off in the first place.

On May 26, 2023, the Sanatorium - Oljakol LLP held meetings individually with each employee of the plant, during which explanations were given on the Rehabilitation and Sanitation Plan.

Despite the absence of a court decision on the entry into force of the powers of the Sanator, Oljakol LLP will be made a partial payment of wages to all workers of the plant.

For all questions, please contact the Sanatorium - Oljakol LLP at oljakol.llp@gmail.com .

Detailed information was posted at the link https://ke.kz/ru/press-center/news/3856/ and is regularly posted on the website of Kazakhstan Engineering National Company JSC.