Kazakhstan Chamber of Commerce in the USA

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Liquidation of Russia’s AMT Bank may complicate recovery of Ablyazov’s assets in Russia 0

Posted on October 17, 2011 by Alex

The Moscow Court of Arbitration  ruled last week to liquidate Moscow-based AMT Bank in a move that could complicate the asset recovery process at Kazakhstan’s BTA Bank.   AMT Bank, partially owned by BTA as well as companies linked to BTA’s former chairman Mukhtar Ablyazov, lost its banking license in July.  At that time, Russia’s central bank said AMT’s liabilities surpassed its assets by 4.7 billion rubles ($149 million) and  the lender failed to observe proper lending practices.   AMT claimed its financial house was in order and said the license revocation was political.

The upcoming liquidation proceedings in Russia are likely to interfere with BTA’s ongoing asset recovery process currently underway in UK courts, however, since both sides may lay claims to Ablyazov’s assets in Russia.  Ablyazov is believed to have funded the purchases of his land holdings in Russia predominantly through AMT, and primarily by issuing loans to local special purpose vehicles (SPV) affiliated directly with him.  According to Russian law, the liquidator, Russia’s Deposit Insurance Agency,

might require the SPVs to sell the land holdings to satisfy the claims of AMT creditors in the liquidation process.  BTA’s current owners, who are suing Ablyazov in London for embezzling billions of BTA funds, have sought the recovery of the same assets.

SOURCE: SRI, Kazakhstan Daily news Brief, October 17, 2011

Kazakhstan Daily News Roundup – July 22, 2011 0

Posted on July 22, 2011 by KazCham

Kazakhstan Daily News Roundup – December 7, 2010 0

Posted on December 07, 2010 by KazCham

HEADLINES:

Kashagan to begin commercial production in 2012 – Mynbayev
(SRI) – The giant Kashagan offshore oil field could begin commercial production as early as by the end of 2012, slightly ahead of schedule, Kazakhstan’s Oil and Gas Minister Sauat Mynbayev said on Monday during an official visit to India.

British court upholds freeze on Ablyazov assets
(SRI) – Mukhtar Ablyazov, the fugitive former head of Kazakhstan’s BTA Bank, has failed to prevent his assets from being subject to a receivership order by the High Court in London, the court said last week.

KazNex Invest tries to drum up exports, investments (bne)

ENERGY:

Kazakhstan may transfer Satpayev block stake to ONGC by February (Bloomberg)

Tethys Petroleum begins drilling Kalypso well in Kazakhstan (Proactive Investors)

BUSINESS AND ECONOMY:

November inflation 0.8% – statistics agency (SRI)

Fitch affirms, withdraws Eurasian Bank rating (SRI)

Kazakhs to relaunch space industry (Telegraph)

National Bank of Kazakhstan: Exchange rates December 7, 2010 (Kazakhstan Today)

Indicators – December 6, 2010 (Reuters)

METALS AND MINING:

Russia, Kazakstan, Belarus scrap 5% import duty on coking coal (Bloomberg)

SOURCE: http://silkroadintelligencer.com/2010/12/07/kazakhstan-daily-news-roundup-december-7-2010/



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