Promises of development, budget support, and the presence of state orders created the impression of favorable conditions for successful operation. However, the reality turned out to be less optimistic. Information about the activities of the holding is almost non-existent, and the number of operating companies created within its framework is extremely low.
Optimism and Disappointment
From the very beginning, the idea of creating the holding raised doubts. Despite criticism before its establishment, the structure was founded and immediately began to spend significant amounts without visible results. The initial audit results showed that the concerns were justified.Funding was used to create the charter capital of new companies, although it is unclear why a decision was not made to restore 16 state enterprises transferred by government decree. Additionally, 29% of the funds were spent on projects unrelated to industry.
According to the audit results for 2023, "Kyrgyzindustry" ended the year with a loss of 100.6 million soms. As of December 31, 2023, there were 26 subsidiaries on record, which is only half of the 51 enterprises created in 2022-2023. Most of them have the status of LLC (limited liability company), where the holding's share ranges from 30% to 100%.
In April 2023, a report on the audit of "Kyrgyzindustry" for the period from January 1, 2023, to December 31, 2024, was reviewed at a meeting of the State Audit Chamber, revealing numerous violations of financial discipline amounting to over 19 million soms.
"As part of the company's activities, 57 subsidiaries were created in the form of LLCs. According to the report, in 2023, only six of them generated a profit of 8.3 million soms, and in 2024, only four, with a revenue of 56.5 million soms," reported the State Audit Chamber.
Unjustified salaries, shortages of cash and goods, as well as violations of tax legislation were also identified.
Scandals and Criminal Cases
In the wake of the audit, events followed, including the resignation of the president of "Kyrgyzindustry," Zharasul Abduraymov, and a statement from the State National Security Committee (GKNB) about the initiation of a criminal case related to the activities of the holding. The GKNB reported that from 2022 to 2024, over 2.3 billion soms were allocated from the budget, but some officials of the holding created a corrupt scheme to embezzle and misappropriate budget funds.The holding had many management positions: out of 75 employees, 33 held managerial positions, often relatives and acquaintances were appointed with high salaries. The same individuals held positions both in "Kyrgyzindustry" and in its subsidiaries.
As a result of the investigation, the former head of the holding, Z. A., the vice president, B. B., as well as the directors of several subsidiaries were detained. Later, two more were detained - the director of LLC "B. K. M." and K. A. K. The investigation is ongoing, and the former head of "Kyrgyzindustry" passed away in October 2025.
The current president of "Kyrgyzindustry," Almanbek Ismailov, stated: "I will not comment on anything. An investigation is underway. Until it is completed, I will not comment."
Taxes and Financial Reporting
What is happening with the holding at present? It is difficult to say whether it is functioning. There are no official reports of new production launches or current operations.One can only judge by the tax contributions made by the holding and its subsidiaries. According to the Ministry of Finance, "Kyrgyzindustry" continues to operate, albeit less actively. Over four years, its tax contributions decreased from 19 million in 2002 to 2 million in 2025.
According to the data, five out of 15 companies did not operate last year and made no tax contributions. One of them, LLC "Kyrgyzfarmtech," registered in 2023, also did not carry out any activities, as evidenced by the absence of transfers to the budget over three years.
