Private property in Kazakhstan is inviolable: Nazarbayev

It should be made clear that private property in Kazakhstan is inviolable, Nursultan Nazarbayev said at the meeting of the National Investors' Council, Tengrinews reports.

"Like in any other market economy, Kazakhstan should make it clear that private property is inviolable. Nobody has the right to seize private property. I have said this many times, but our law enforcement authorities kept distorting things, when they saw that they could benefit from seizing private property," the President said.

"If a business was created legally and the law is not retroactive, it should stay in place, and people should know this. It is important for foreign investors as well. We are a market economy - capitalism, why shun the word? This is the system that is in place in Kazakhstan's economy. So, let's live by these rules and adopt compliant laws," the President said. 

Reporting by Renat Tashkenbayev