The announcement, which specifically mentioned joint-enterprises and subsidiary companies, raises the possibility that billions of dollars in foreign investments made in the ex-Soviet state could now come under scrutiny.

"In order to discover possible similar infractions to the law in this sphere, the decision was taken to take measures to defend the interests of the state," said the Samruk-Kazyna fund, which manages proceeds from asset sales.

"The board of the fund has decided to carry out complex investigations ... with the purpose of revealing possible similar infringements of the law," it said in a statement.

The decision by the state fund came the day after security officials accused the imprisoned former chief of the nuclear firm Kazatomprom, Mukhtar Dzhakishev, of stealing half the country's uranium deposits.

Dzhakishev was arrested last week along with several other Kazatomprom executives, all of whom are accused of constructing a complex web of offshore companies used to transfer billions of dollars' worth of uranium into private hands.

But the arrest of Dzhakishev, who had strong ties with Kazakh President Nursultan Nazarbayev's fugitive son-in-law Rakhat Aliyev, has raised questions about whether the case is politically motivated, a charge the government denies.

The business-oriented opposition political party Azat said in a press release that it was "deeply disturbed" by the arrest and that the move marked the "effective destruction" of Kazatomprom.

Complicating the government's case considerably is how Dzhakishev managed to steal more than half of the country's uranium deposits out from under the government's nose.

All uranium deals in Kazakhstan are heavily monitored and audited by the state.

Claims of financial irregularities have often been used by governments in the post-Soviet sphere to renegotiate unfavourable contracts signed during the economic turmoil of the 1990s, most famously in Russia's energy sector.

Still, although Kazakhstan's commodity-driven economy has been battered by the financial crisis, it is unlikely that it will use the audits to seize foreign assets, said Milena Ivanova-Venturini, an analyst at Rennaisance Capital in Almaty.

"What they said on this one is that all contracts signed are in force and have been duly signed, so Samruk isn't going to disclaim prior commitments taken," she said.

"Whatever it is, I don't think they are going for destroying the companies themselves."

More likely, she said, is that the entire affair is linked to behind-the-scenes power struggles among the political and financial elite.

Kazakhstan, an ex-Soviet republic bordering Russia and China, holds almost 20 percent of the world's uranium reserves and aims to be the number one producer by 2010, overtaking Australia and Canada.

Last year, Kazakhstan mined around 8,500 tonnes of uranium and plans to extract 11,900 tonnes in 2009, according to Kazatomprom.

The review would begin with an audit at state energy giant Kazmunaigaz, the statement said.

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