Almaty Metro Construction, the company that built the first line of the Almaty metro and subsequent stations, recorded a loss of 866.9 million tenge in 2025. Revenue amounted to only 977,000 tenge, indicating a virtual halt in construction activity. Moreover, there was virtually no cash flow during the year, reports infohub.kz.
The bulk of the loss came from administrative expenses of 233 million tenge, including utility payments of 70 million tenge, and other losses of 1 billion tenge. Impairment losses on receivables reached 936 million tenge, becoming the main factor behind the negative financial result. At the same time, the company earned 371 million tenge from rental income and exchange rate differences.
Accumulated losses by the end of 2025 stood at 8 billion tenge. Short-term liabilities exceeded short-term assets by 3.9 billion tenge. Accounts payable to subcontractors reached 2.3 billion tenge, including 694 million tenge owed to South Korea's Hyundai Rotem Company, which supplied the cars, 309 million tenge to the state-owned Municipal Enterprise "Metropolitan", and 196.7 million tenge to the engineering company "Zeynet".
The report notes that the company's bank accounts have been seized, its property is under encumbrance, and it is involved in tax, court, and enforcement proceedings. In 2022–2023, it was a defendant in numerous lawsuits from subcontractors. The court ordered it to pay 591 million tenge, including $1.4 million to Hyundai Rotem, 300 million tenge to the Metropolitan Municipal Enterprise, and 103 million tenge to the construction company "Al Mansur". The debts remain unpaid, and enforcement proceedings are ongoing.
Since 2010, the company and its employees have repeatedly come under the scrutiny of law enforcement. In 2015, former head Murat Ukshebaev was sentenced to nine years for embezzling 2.5 billion tenge in 2010–2012. In 2017, prosecutors investigated alleged embezzlement of over 7.7 billion tenge through inflated procurement volumes, but the case was closed in 2018 for lack of evidence of a crime.
The largest case was the investigation into the embezzlement of over 5 billion tenge during the construction of the Saryarka and Dostyk (now Bauyrzhan Momyshuly) stations in 2018–2020. The defendants included former executives and employees of the Metropolitan Municipal Enterprise, Almaty Metro Construction, and the limited liability partnership "Automation and Technology Service". According to investigators, the cost of equipment was inflated, and funds were funneled through shell companies. In June 2024, the Almaly District Court of Almaty found 10 defendants guilty, with the main defendants receiving sentences of seven to eight years in prison.
Currently, Bazis Construction is the main contractor for the construction of new metro stations. The sole shareholder of Almaty Metro Construction is businessman Kairat Reimov.