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.
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.
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.
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
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.
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.
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.
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.