BTA Bank has reportedly submitted its restructuring plan to Kazakhstan’s Financial Supervision Agency (FSA) on Friday, the bank said without providing further details. The FSA confirmed the receipt of the plan.
Economy
By Clare Nuttall
International retailers have been slow to come to Kazakhstan, but that is set to change with the opening of Central Asia’s largest mall in mid-September.
By Aiman Tynyshbaeva
Despite its mineral-led economic boom, the Central Asian nation's development agenda is inchoate—leaving most of the benefits to cities like Astana and Almaty
By Olzhas Auyezov
Kazakhstan, one of the early victims of the global crisis, is ready to sacrifice future growth rates in favour of stability and will likely keep tight state control over the economy as it recovers.
Kazakhstan’s largest bank, BTA, presented a restructuring proposal to investors last week that would allow it to cut its $10.3 billion debt by $8 billion to avoid bankruptcy.
Nariman Gizitdinov
Lawsuits filed by state-controlled BTA Bank, Kazakhstan’s largest lender, to recover 917 million tenge ($6 million) from a newspaper and a charity have so far yielded nothing but seven pairs of boxer shorts.
By Clare Nuttall
Kazakhstan-focused funds suffered big losses over the past year. But even with stock prices now rebounding, it’s proving difficult to attract international investors, who remain sceptical about the country’s prospects.
The English High Court has granted a worldwide injunction to freeze the assets of former BTA Bank chairman Mukhtar Ablyazov and other former top managers, according a BTA press release.
By Maria Golovnina
Face wrapped in a thick scarf against clouds of blinding dust, the electrician gazed at a maze of pipes and pumps teeming with 15,000 workers and said his work was like building the Tower of Babel.
Former CEO of Alliance Bank and Eurasian Bank Zhomart Yertayev and his deputy Aleksei Ageyev have been arrested last weekend in connection with several deals sealed during their tenure at Alliance, the KazTAG news agency reported on Monday.
- Interview: KazInvestBank CEO calls Kazakh bank system dysfunctional
- Kazakh Stocks Fall Most in a Month on Copper, Oil Price Drop
- Banking associations appeal for trade finance debt to be excluded from restructuring
- Kazakhstan’s BTA Bank First-Half Losses Swelled to $9.9 Billion
- Kazakhstan: Restructuring may reveal emperor’s new clothes
Experts of the Committee against Torture Commend Kazakhstan for Enhanced Legislation
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Kazakh official: Not the time to resolve differences through war
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