Era of 'oligarchic capitalism' over in Kazakhstan, vows president

By Meiramgul Kussainova

ASTANA, Kazakhstan (AA) - A new period is beginning in Kazakhstan, set to do away with "oligarchic capitalism," the Central Asian country's president said on Wednesday.

"The era of oligarchic capitalism is coming to an end in Kazakhstan. The era of the state's social responsibility towards its citizens is coming," Kassym-Jomart Tokayev said at an event in the region of Karaganda.

Tokayev, who was on a working visit to the northeastern industrial hub, underlined that authorities were closely monitoring the activities of all large mining companies in the country.

He vowed that the government would not allow "illegal capital outflows," and would inspect all "social programs" run by these firms.