BTA Bank to recover control over its subsidiary in Kyrgyzstan17.10.2012
Almaty, October 17, 2012 – BTA Bank JSC (the Bank) kindly informs that on October 12, 2012 the Interdistrict court of Bishkek granted Bank’s claim on annulment of bids resulted in sale of 71% of shares in BTA Bank CJSC (Kyrgyz Republic) owned by the Kazakh BTA Bank. The court ordered to transfer shares into the Bank’s ownership.
The granting order was made after long court procedures. The annulled bids which resulted in loss of 35.5 million shares of the Bank’s subsidiary in Kyrgyzstan were held in 2009. The bids were held under illegal decision which was preceded by a planned raid on the Bank. Measures taken by the Bank to appeal the judicial acts and actions of the court enforcement officer had no effect during that period due to the pressure by raid organizers.
The fact that the Bank suffered raid is in particular evidenced by the order under the criminal case on illegal acquisition of 71% of shares in BTA Bank CJSC made by the Kyrgyz court in May, 2012. The issue on restoration of the Bank’s rights was continuously raised during different meetings with the top officials of both countries and the order confirms intention of Kyrgyzstan to follow legal principles of conflict resolution.
Order made by the Interdistrict court of Bishkek in favor of the Bank evidences performance by the Kyrgyz Republic liabilities assumed by it after entering into a number of agreements on investment protection. This gives promise that the Bank’s investment rights will be fully recovered in Kyrgyzstan in the nearest future.
“We hail the order made by Bishkek court and objective and impartial consideration of our claim, said Mr. Anvar Saidenov, Chairman of the Board of Directors of BTA Bank JSC – As a foreign investor working here we are satisfied that our legal rights and interests in Kyrgyzstan are duly protected”.