Claim Against Certain BTA Bank’s Creditors was Filed by National Welfare Fund “Samruk-Kazyna”, The Majority Shareholder of The Bank25.08.2010
“BTA Bank JSC (Bank) hereby informs all interested parties that the National Welfare Fund “Samruk-Kazyna” JSC (Samruk-Kazyna), the majority shareholder of the Bank, has filed a claim with a Kazakhstani court against the Bank and some of its creditors challenging the validity of a limited number of the Bank’s transactions totaling some 300 million US dollars. The challenged transactions relate to the loans, secured by Bank’s guarantees, issued by Credit Suisse to several companies organized under the laws of the British Virgin Islands.
Samruk-Kazyna as the majority shareholder of the Bank has the right to challenge the validity of the above transactions. Upon application of Samruk-Kazyna the Kazakhstani court has issued an injunction under which the court has prohibited the creditors whose claims are based on the Bank’s guarantees to claim from the Bank to make relevant distributions pending the outcome of Samruk-Kazyna’s claim.
The Bank is now under the restructuring process which expires not later than on 5 September 2010. The Bank hereby confirms that the restructuring will be carried out in accordance with the restructuring plan approved by court subject to the above injunction.”