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Almaty: 10 million USD syndicated loan organized by JSC Bank TuranAlem for Ukrainian OJSC Commercial Bank "Nadra" was cancel

30.07.2004 / Press-service

On July 30, 2004 JSC Bank TuranAlem together with American Express Bank, Bank Geselschaft Berlin,Drezdner Bank and Temirbank - the banks which earlier have confirmed participation in the10 million USD syndicated loan organized by JSC Bank TuranAlem for Ukrainian OJSC CommercialBank "Nadra", at a stage of preparation of the credit agreement, a decision on cancellation of thesyndicated loan was made despite of its successful organization.The reasons of agreement termination are the claims of two shareholders of OJSC CommercialBank "Nadra" JSC "Ukrainian metallurgical company" and JSC "Grand+", who were arguing the legitimacyof 7th issue of shares of Open OJSC Commercial Bank "Nadra" and possible changes of structure of theshare capital. A cumulative share of claimants: JSC "Ukrainian metallurgical company" and JSC "Grand+"in the capital of Bank Nadra is 25,01%.By opinion of Bank TuranAlem, the above-stated banks and the legal adviser of given transactionBaker&McKenzie, in this circumstances unfortunately it becomes impossible to provide the syndicatedloan. OJSC Commercial Bank "Nadra" and JSC Bank TuranAlem agreed to return to consider this issueafter this disputable situation is resolved.