Kazakhstan Chamber of Commerce in the USA


Mukhtar Ablyazov: a saucerful of lies, a containerful of evidence 0

Posted on December 28, 2011 by Alex

By Charles Van Der Leeuw, KZW senior contributor, Dec 14, 2011

While the quest by now state-controlled BTA bank, Kazakhstan’s one-time blue chip banking corporation, to get its one-time top man Mukhtar Ablyazov to Pentonville first, to Motroskaya later and eventually to the Kazakh gulag rages on, new evidence has been found in the form of a container full of documents which indicate all details concerning the web of more than 600 mailbox companies all over the world Ablyazov and his accomplices used to divert loans from their collateral and the collateral from the lender – meaning BTA – to their own benefit. The documents, or rather the fact that Ablyazov has lied in court over them which makes him liable to be condemned to a mid-range prison term, are at stake at an ongoing trial in London. The real issue is only due to come on the agenda a year from now. A race against time – which given the worsening situation BTA finds itself in, it is far from certain to win. The bank’s capital shortage is growing by the month, and whether provisions to pay the upcoming bond maturity term this coming January will be sufficient looks uncertain, according to news reports.

It looks very much like a soap story indeed. The sneaky business spy jumps out of his fancy car, and hides, equipped with camera and field glasses, near a fenced luxury villa, where the bas business guy is lurking. After hours, a black-windowed car slides out past the armed gorillas at the entrance. Our hero jumps in his car and pursues his prey. Vroom-vroom, zoom-zoom – in the movies boom-boom often follows but that has been avoided so far. The man in the pursued car, apparently having noticed nothing, stops at the gate of a warehouse complex. The camera zooms in on the name: Big Yellow Box. From his car, our master spy waits with his camera till his prey returns, with piles of documents (a variant to a bag full of drugs, gold or cash) under his arm. The photo camera clicks. Those documents are not just documents – they represent billions of dollars and the direction of their destination. This is where the story takes a twist: rather than in a deserted parking garage or on some spooky dock side, the continuation of the thriller is to take place in a courtroom.

The man in the villa is of course fugitive banker and master-swindler Mukhtar Ablyazov, now in court facing up to two years behind bars if convicted – not for the estimated dozen billion US dollar he diverted to accounts under his direct or indirect control from the bank, Kazakhstan’s BTA, which he once controlled, but for lying to the honourable British judge about the amounts and where on British territory and beyond they are supposed to be located these days. “Ablyazov, who fled Kazakhstan to escape prosecution and lives in the U.K., violated a 2009 court order freezing his assets by failing to reveal ownership in a Moscow skyscraper project and more than 600 shell companies used to conceal his wealth, Bloomberg wrote on November 30 quoting BTA’s lawyer as stating at the start of a two-week trial in London. “Ablyazov attended the hearing with an interpreter. “There hasn’t quite been a case like this before,” the lawyer declared at the hearing. “The bank’s primary purpose is to coerce Ablyazov into complying with the court order.”

It goes without saying that the ultimate goal of the bank, though, is to get at least part of the stolen money back on one side and get its right to the collateral covering it acknowledged by courts from Kazakhstan to the UK – including those in the Russian Federation, Ukraine, Georgia and other places where the collateral is located. Getting stolen property back, however, seems to be low on the agenda for those who are supposed to contribute to justice having its way – at least in Britain, that is. “Ablyazov has been made the subject of a worldwide freezing order on a non-proprietary basis and has also been required to state the source of the funds being used to pay his legal expenses,” The Lawyer wrote on December 9 this year. “The bank is, of course, keen to trace or follow the bonds or their proceeds. To that end it has sought and obtained wide-ranging ancillary relief in the form of disclosure and other orders. Applying an earlier decision of the court, Mr Justice Christopher Clarke said that if the defendant were to have the benefit of spending money that would otherwise be frozen, he must show that there is no possibility of the money being the subject of a claim by the bank from a tracing point of view. Notwithstanding the fact that this is a case in which judges have repeatedly said there is strong evidence of wrongdoing and a series of orders that have not been complied with, this is almost tantamount to a reversal of the burden of proof and thus a powerful order to make. Ablyazov was also ordered to answer a list of questions about his funding arrangements, it being suspected that nominees were making payments out of assets that were, in reality, his. One of Ablyazov’s colleagues, Syrym Shalabayev, is said to have concealed the proceeds of the realisation of missing bonds.”

The point the comment tries to make looks pathetic. Apart from hair-cleaving concerning the culprit’s legal rights, which are subject to abuse to begin with, the author of the article clearly misses the point where the structure of the charges is concerned. On the judge’s table are not bonds – which have been hit, as has been widely publicised for well over two years now, by Ablyazov’s diversion schemes whereas the tools he used were not bonds but loan sum and loan liability transfers as well as chain schemes diverting assets which served as their collateral in a different direction. As far as known, Ablyazov never used BTA’s own debt paper as tools to transfer either assets or liabilities to “invisible” connected parties. Any excuse for a lawyer should be able to distinguish such a thing. And the worst thing of it all is that time is too pressing for such futile and erroneous exercises. Shadows are growing longer – not just for Ablyazov but hardly less for BTA and in the process for its Kazakh peers as well.

According to news reports by Bloomberg, BTA is stuck with a capital shortage in the order of 1.1 billion US dollar. In order to prevent BTA’s dire straits from rippling through the entire sector, Kazakhstan is setting up an emergency fund to keep liquidity up at banks in the country. “The share of bad credits will decrease next year as the fund transfers some of the non-performing loans off bank balance sheets and lending grows,” Bloomberg wrote on December 8, paraphrasing the governor of the National Bank of Kazakhstan Grigory Marchenko. “Total loans may grow between 12 percent and 15 percent next year. Loans overdue by more than 90 days at Kazakhstan’s 39 banks reached 3.17 trillion tenge ($21.5 billion), or 31.4 percent of total holdings, led by BTA Bank with 1.42 trillion tenge, central bank data show. BTA may ask the Kazakh government to back its second debt restructuring or provide additional state funds to help avert bankruptcy, according to two people with direct knowledge of the matter.” This and other signs on the wall indicate little more and little less than the fact that BTA’s near future spells gloom and doom. It also looks all the more grim for it now that it has appeared that the only foreign party possibly interested in buying it out has backed off. “OAO Sberbank scrapped a plan to buy BTA Bank (BTAS), Kazakhstan’s biggest before its default in 2009,” Bloomberg wrote in a recent report, quoting Russia’s former finance minister and now Sberbank’s CEO German Gref. “For now we don’t see an opportunity to acquire this bank,” the agency quoted Gref as telling reporters in a visit to Astana on November 30. “There’s a set of reasons for it. Primarily it’s linked to how we see our strategy on the Kazakh market.” The observation’s timing was all the worse for it since the main reason for Gref’s visit appeared to be the signature of a $3 billion loan by Sberbank to the National Railway Company of Kazakhstan – something apparently no domestic bank can afford to do.

What makes it worse for BTA’s eventual fate is that a new capital injection, said to require over another 4 billion US dollar in taxpayers’ money reserves, might well draw its owner, the $80 billion Sovereign Welfare Fund of Kazakhstan Samruk-Kazyna, into financial trouble. “BTA Bank (BTAS) may ask the Kazakh government to back its second debt restructuring or provide additional state funds to help avert bankruptcy,” Bloomberg reporte on December 6 – anonymously quoting whom it dubbed “two people with direct knowledge of the matter”. “BTA may seek a capital injection of more than $4 billion, said the people, who declined to be identified because the information isn’t public. Lazard Freres & Co., which acted as an adviser to BTA during its debt reorganization in 2009, assessed the cost of another restructuring last month, the people said. Investors may be asked to absorb an estimated loss of about 80 percent on BTA bonds, the people said. The bank is preparing to submit a bailout plan to a new government that will be formed following parliamentary elections set for the middle of January, the people said, adding that BTA is considering either a restructuring or a capital increase or both. […] BTA has a $150 million coupon payment due in January, Deputy Chief Executive Officer Berik Otemurat said in a Sept. 1 interview. The people familiar with the situation didn’t say whether the bank will make the coupon payment. The Almaty-based lender faced a capital shortage of 162 billion tenge ($1.1 billion) under international accounting standards as of Nov. 1 after it set aside more money to cover souring loans, according to a statement e-mailed Nov. 28. The bank has a total of $5.2 billion of debt, Bloomberg data show.”

According to Bloomberg, BTA so far has swallowed up the staggering amount of $8.49 billion in various forms of funding from public resources. Its stock and bonds, which represent the bulk of the compensation external creditors took in exchange for a cash “haircut” through which they had to write of more than 80 per cent of the money they are owed by BTA, are currently trading at a mere fraction of their face value. For the Kazakh state, the burden is hardly less painful. Looking at the annual results of Samruk-Kazyna, the rather shocking picture shows that BTA is eating up the bulk of the Fund’s returns on all the corporate assets it manages on behalf of the state. In 2009, the situation was at its worst, with Samruk-Kazyna losing the sum of 732 billion Kazakh tenge – in the order of 5 billion US dollar or 3.5 billion euro according to current exchange rates- on BTA alone, which inflicted an overall loss of 627 billion tenge on the entire Fund. In 2010, Samruk-Kazyna was back to profit amounting to  634 billion tenge – mainly thanks to a boost in profit from the state oil and gas company of Kazakhstan, KazMunayGaz, on the back of higher oil prices on world markets, up from 182 billion tenge in 2009 to 391 billion through 2010, along with a reduction in losses for BTA to 137 billion tenge.

It indicates that the breathing space Samruk-Kazyna thus got in 2010 could well result in a reverse in the upcoming year if the Fund would be forced to allow another blood-letting operation topping $4 billion, with external creditors’ breath getting hotter at the same time. Even if all the money that could be recovered under the authority of Britain’s courts of law should be returned, $5 billion is the best BTA could hope for. Part of it, though, will have to be written off against the loss of rights to collect loans’ collateral, most of which is located on Russian territory with minor assets scattered over other former Soviet republics. Meanwhile, the trial with the aim to settle the frozen assets’ ownership rights is only set to start in November 2012 and expected to last for at least four months. Following appeals against any verdict by any party involved is likely to cause at least another full year of delay for the verdict’s eventual execution. By that time, even if convicted for contempt of court momentarily, Ablyazov will be out of prison again – and the containerful of evidence discovered by our brave investigator might will have changed location more than once.

SOURCE: http://www.kazakhembus.com/index.php?mact=News,cntnt01,detail,0&cntnt01articleid=823&cntnt01origid=15&cntnt01returnid=201

Evolution of role sees fund gearing up for ‘People’s IPO’ 0

Posted on December 25, 2011 by Alex

The heart of Kazakhstan’s economy, Samruk-Kazyna has, since its inception, played a crucial role in the country’s industry and economy. Now the fund is ready to float some  of its assets at discounted prices to retail investors. By Clare Nuttall

Kazakhstan’s sovereign wealth fund Samruk-Kazyna put to work billions of US dollars to support the economy during the global economic crisis. With Kazakhstan growing strongly, the fund’s role has evolved – it is now responsible for creating new industries and increasing efficiency in the economy’s most important companies.

This year will see further dramatic changes, as minority stakes in some of its largest and most attractive companies are floated on the domestic stock exchange. Samruk-Kazyna was created in the depths of the crisis through the merger of two existing organizations – holding company Samruk and investment company Kazyna – in October 2008, and its importance to the Kazakh economy cannot be overestimated. Its subsidiary companies include the national rail and postal companies, electricity grid operator Kegoc, state oil-and-gas giant National Company KazMunaiGas, nuclear company Kazatomprom, national air carrier Air Astana, and three of the top four banks. It is also the parent of the Damu small enterprise fund, private equity fund of funds Kazyna Capital Management, and other  financial organizations.

Overall, Samruk-Kazyna manages assets worth in excess of $70 billion, accounting for around 40 percent of the economic activity in the country. It has a total of 404 subsidiaries and affiliated companies. As of March 2010, Samruk-Kazyna announced it had invested KZT897 billion ($6.1 billion) from Kazakhstan’s National Fund to support the economy during the crisis. Its largest financial commitment was to the banking sector, where it invested some KZT486 billion.

Other anti-crisis measures included supporting the real-estate sector (KZT360 billion), support for small and medium-sized enterprises (KZT120 billion) and implementing industrial and infrastructure projects (KZT121.5 billion).

Samruk-Kazyna became the majority shareholder of  BTA Bank and Alliance Bank, injecting liquidity when both were on the brink of collapse in February 2009. Today, a debt restructuring for the two banks has been agreed with creditors.

At the same time, the fund took minority stakes in Kazakhstan’s other big-four banks, Halyk Bank and Kazkommertsbank. Now that GDP growth in Kazakhstan has returned to pre-crisis levels, Samruk-Kazyna is starting to divest some of the assets it acquired during the crisis. The fund has already exited its investment in Halyk, selling the stake back to the bank and its majority shareholder Almex.

Kazkommertsbank could buy back its shareholding in the near future. A sale of BTA to Russia’s Sberbank is still on the cards and Samruk-Kazyna is also looking at potential exit routes for Alliance, but it is adamant that it will sell its shareholdings only if the price is right.

Post crisis, Samruk-Kazyna is involved in raising the efficiency of its subsidiaries, and is the main conduit for big foreign investment projects. The emphasis within Kazakhstan has shifted toward production of processed and value-added products, rather than being purely a supplier of raw materials.

Several of the priority projects within the 2010-14 Accelerated Industrial and Innovative Development program are aimed at achieving this goal. Samruk-Kazyna is already working to diversify and industrialize Kazakhstan. The ‘breakthrough projects’ under the Samruk-Kazyna umbrella include reconstruction of the Atyrau refinery, modernization of the national electricity grid and construction of several new power stations. Within Samruk-Kazyna, two holding companies created in late 2008 are responsible for the chemicals and metals sectors, respectively. The United Chemicals Company was set up to develop a national chemicals industry and reduce Kazakhstan’s dependence on imports of products such as fertilizers. Tau Ken Samruk is the holding company for the Kazakh government’s stakes in metals and mining companies. While oil and gas still account for the lion’s share of Kazakhstan’s exports, metals and mining have been growing in importance in recent years.

Soaring metals prices, and the steady growth in demand from neighboring China in particular, have provided an impetus for Kazakhstan to increase its output. The government stakes in two major London Stock Exchange-listed mining companies – Eurasian Natural Resources Company (ENRC) and Kazakhmys – are held within Tau Ken Samruk. Both companies have an immense presence in the Kazakhstan mining sector, as well as internationally.

Kazakhmys is the largest copper producer in Kazakhstan and one of the top 10 producers worldwide. ENRC – a diversified natural resources group – has a presence in China, Russia, Brazil and Africa, as well as in Kazakhstan. This year has already seen significant changes for Samruk-Kazyna. On April 12, Timur Kulibayev was promoted to chairman as part of the post-elections reshuffle. Kulibayev, the son-in-law of Kazakh president Nursultan Nazarbayev, was previously the company’s deputy chairman.

The fund’s main task this year will be to carry out the ‘People’s IPO’ program, under which shares in companies that are wholly or partly owned by Samruk-Kazyna will be offered at a discount to retail investors and pension funds. In addition to raising funds for expansion, the program is also intended to stimulate the domestic capital market.

At least some of the IPOs are due to take place by the end of this year. Companies expected to be part of the first wave of IPOs include power-generation company Samruk-Energo, electricity grid operator Kegoc, postal service Kazpost and KazMunaiGas Exploration and Production. In the following two years, IPOs of other companies – including Kazatomprom, National Company KazMunaiGas, and railway operator Kazakhstan Temir Zholy – are planned.

SOURCE: Invest in Kazakhstan, 2011, p. 45-46

Bouncing back 0

Posted on November 04, 2011 by Alex

This year sees Kazakhstan well on its way toward a robust recovery. By Ben Aris

Kazakhstan is rebounding swiftly from the worldwide economic downturn, with the country’s economy looking set to surge due  to the advent of fresh oil and gas from the Kashagan offshore field.

Kazakhstan went into the 2008 crisis early. The republic’s banks had been enjoying triple-digit growth for several years, largely funded by loans and bonds drawn from the international credit markets. So, as the US subprime mortgage crisis unfolded and the credit markets dried up in 2007-08, the Kazakh banks were among the first to suffer.

However, thanks to swift action from the National Bank of Kazakhstan (NBK) and more than $4 billion in liquidity support to the banking sector, Kazakhstan came through the storm.

First in, first out. After commodity prices – particularly oil – started to recover in 2010, so too has the economy. But the republic is not out of the woods yet and a lot of clean-up work remains to be done. The banking sector still has a backlog of non-performing loans (NPL), though the strong performance of the country’s energy and mining sectors resulted in stronger-than-expected growth in 2010.

Banking regains buoyancy

The situation in the banking sector is gradually returning to normal after agreements on debt restructuring at BTA Bank, Alliance Bank and TemirBank. Having fallen hard during the crisis, Kazakhstan’s banking sector is now poised to outperform most of those in neighboring countries as it bounces back, according to investment banks such as Renaissance Capital.

Thanks to a progressive reform program in the previous decade, the structure of the Kazakh financial sector is still one of the best in the former Soviet Union and should return to growth once the issue of debt restructuring is resolved. Analysts estimate it will take around another two years for the problems of NPL to be fully worked out.

In the short term, commodity prices will determine exactly how the rest of 2011 pans out. But the unrest in North Africa in the first quarter of the year has already driven oil prices – the key contributor to Kazakhstan’s financial health – higher than most had been forecasting at the start of the year. This boost buys the government more time to drive through its wide-ranging reform program.

Kazakhstan’s economy grew by seven percent in 2010 and is forecast to continue its recovery in 2011 in the four to five percent range. The services sector is estimated to account for 51.8 percent of the country’s GDP in 2010, with industry comprising 42.8 percent, and agriculture at 5.4 percent.

The oil price is expected to average in the order of $90 for 2011, and this will give a boost to budget revenues. Meanwhile, the government is maintaining its extremely conservative oil-price assumption of $65 in the budget, which will almost certainly give it plenty of room for maneuver.

In general, as the economy begins to recover, so too should the public finances. Budget revenues totaled $30 billion in 2010 – up 46.5 percent from 2009, and 6.5 percent above 2010 government projections – and the budget deficit was set at $5.5 billion (4.1 percent of GDP).

A robust recovery is expected to lead to an improvement in the government’s fiscal position. The state budget for 2011-13 has been adopted with a much lower deficit of 2.8 percent in 2011, based on additional revenues of $2.8 billion from a doubling of the oil export duty in 2011 to $40 per metric tonne.

In the clearest sign yet of a return to economic normality, the NBK ended its control of the exchange rate in February and returned to a managed float system. The Kazakh currency, the tenge, is expected to remain relatively stable against the dollar throughout 2011, although there may be some slight appreciation, say analysts.

One of the most difficult economic challenges that the country faces is coping with inflation. Consumer price inflation in Kazakhstan in 2010 was in line with Renaissance Capital’s 7.7 percent forecast and was mostly driven by growing global commodity and food prices. The major driver was food prices, which grew 10.1 percent and contributed half of the increase, while services and non-food products grew 6.8 percent and 5.5 percent respectively, with roughly equal contributions.

On the back of the brightening economic picture, Fitch Ratings revised its sovereign rating on Kazakhstan to ‘positive’ at the start of 2011, while Standard & Poor’s raised its sovereign rating one notch to ‘BBB’.

Kazakhstan is slightly behind countries such as Russia and China – where growth is expected to slow over the medium term – but in terms of development, it should continue to close the gap on its bigger cousins to the north and east. The medium-term prospects for strong growth are very good. “GDP was up more than we expected in 2010, owing to the recovery in prices for commodities including oil, gold, copper and uranium,” says Jean-Christophe Lermisiaux, head of research at Visor Capital. “And there is no reason to see this changing for the foreseeable future.”

However, he adds that there are disparities between the natural resources sector and other sectors of the economy – in particular the banking sector, which is “still convalescing”.

Energy potential

Oil and gas remain the engine of the economy. Kazakhstan is already among the top 20 oil producers in the world, and production continues to pick up. Close on the horizon is the launch of the first phase of Kashagan Field – the world’s largest offshore oil-and-gas project – which is expected on, or possibly ahead of, schedule in the first half of 2013. The start of production from this field will be a game-hanger, as it will massively boost the country’s production and increase its geopolitical standing.

However, the development of the extractive industries is shifting from simply lifting production levels to expanding distribution, increasing efficiency and adding more value. The major event in the oil-and-gas industry in recent years has been the opening of the Central Asia-China gas pipeline and new oil pipelines linking oilfields from western Kazakhstan to China. Arguably, building pipelines to new markets has a bigger impact on the economy than finding new and bigger fields – Kazakhstan’s eastern neighbor remains the primary market for its raw materials.

As well as underpinning global demand for commodities, China accounts for 30 to 40 percent of Kazakhstan’s exports. Construction of the Western Europe-Western China highway, and the planned rail link from Zhetigen near Almaty to the Chinese border, will allow Kazakhstan to further increase its exports.

The strong performance of the natural resources sector in 2010 has not been matched by an expansion across the board, and the country is unlikely to see the kind of consumer boom that it enjoyed in the run-up to the global economic crisis – especially in the real-estate sector.

Banks have remained cautious when making loan decisions, and clearing the backlog of unfinished real-estate projects is only now nearing completion. The collapse of the property market was painful and hit the financial sector hard, as it was heavily exposed to this market. However, helped by government funds allocated through the anti-crisis program, most of the lost ground has been recovered. As the sector slowly returns to health, property developers are likely to start considering the first post-crisis projects in 2011.

“2010 was a transition year for Kazakhstan; 2011 will be the year of big decisions,” says Lermisiaux.

SOURCE: Invest In Kazakhstan 2011, p. 25-26

BTA revises first-half loss 0

Posted on October 29, 2011 by Alex

BTA Bank, Kazakhstan’s third largest lender, posted  on Friday  a revised net loss of KZT102.6 billion ($693 million) for the first six months of 2011. In August, BTA  had reported a net loss of KZT48.4 billion ($327 million) for the first half, citing preliminary results.

The bank attributed the difference between the  final and preliminary net loss to a higher corporate tax  charge for 2010, payment of which was deferred until the first-half 2011 reporting period.

BTA has struggled to return to profitability since the government takeover in 2009, and  remains burdened by  non-performing loans and punishing debt.  Despite market jitters, the bank has been able to meet all of its debt  coupon  payments so far, but analysts warn that further support by the government will be necessary to deal with the bank’s bad loans, a prerequisite for any future growth.

Despite assurances by the state-owned holding company SamrukKazyna, which holds an 81.5% stake in BTA, that it is ready to inject more funds into the lender if required, its 2018 bond is trading at around 49 cents on the dollar  and the 2025 issue is trading around 26 cents on the dollar.

SOURCE: Kazakhstan Daily News Brief, dated October 24, 2011 available at http://silkroadintelligencer.com/wp-content/files/srikznewsbrief_oct24_2011.pdf


Pension fund changes top manager 0

Posted on October 23, 2011 by Alex

Malik Esenbayev was appointed acting CEO of Kazakhstan’s UlarUmit pension fund on October 13, the fund said in a statement published on its website.  Esenbayev replaced Gulnara Alimgazieva who had been dismissed by Ular Umit’s Board of Directors effective on October 12.

UlarUmit is a wholly-owned subsidiary of BTA Bank, Kazakhstan’s third largest bank.  BTA acquired the fund in 2010 and merged it with its BTA Kazakhstan Pension Fund in May to create the second largest pension fund in Kazakhstan with a market share of roughly 20%.

SOURCE: Kazakhstan Daily News Brief, October 18, 2011

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 – October 6, 2011 0

Posted on October 06, 2011 by Alex

Kazakhstan Daily News Roundup – September 30, 2011 0

Posted on September 30, 2011 by Alex

Kazakhstan Daily News Roundup – September 22, 2011 0

Posted on September 22, 2011 by Alex

Kazakhstan Daily News Roundup – September 20, 2011 0

Posted on September 20, 2011 by Alex


Kashagan first oil production on track for 2012 – Nazarbayev
(SRI) – Kazakh President Nursultan Nazarbayev said on Friday that first oil from the Kashagan oil field will be produced by 2012 as planned.

BMB Munai completes sale of its production subsidiary to MIE Holdings
(SRI) – Kazakhstan-focused oil junior MBM Munai said on Monday it had completed the sale of its subsidiary Emir Oil LLP to China’s MIE Holdings Corporation after it secured all necessary regulatory approvals.

Kazakhstan raises export duty on petroleum products (SRI)

KAZENERGY Forum to be held in Astana on October 4-5 (SRI)


Kazakhstan to move ahead with IPO program despite global market turmoil
(SRI) – Kazakhstan will move ahead with its plans to sell shares in some of its largest companies to the public as part of the so-called people’s IPO, despite the current global market turmoil, Minister of Economic Development and Trade Kairat Kelimbetov said.

SH loses ?20-million Ablyazov account to Addleshaws (The Lawyer)

Indicators – September 19, 2011 (Reuters)


First Quantum says court upholds $2 billion Congo claim over ENRC (Reuters)


Customs Union paves way to rebuild old economic ties (The Moscow Times)

SOURCE: http://silkroadintelligencer.com/2011/09/20/kazakhstan-daily-news-roundup-september-20-2011/

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