Kazakh State Fund Sues BTA Bank Over $300 Million of Credit Suisse Loans

Aug 25. Bloomberg 

By Nariman Gizitdinov

Kazakh State Fund Sues BTA Bank Over $300 Million of Credit Suisse LoansKazakhstan’s National Wellbeing Fund Samruk-Kazyna filed a claim in a Kazakh court against BTA Bank and “some of its creditors” over $300 million in transactions, BTA said.

“The challenged transactions relate to the loans, secured by the bank’s guarantees, issued by Credit Suisse to several companies organized under the laws of the British Virgin Islands,” Almaty-based BTA, which defaulted on more than $12 billion of debts, said in an English-language statement on its website today.

The court issued an injunction prohibiting 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,” BTA said.

BTA defaulted in April 2009, two months after being taken over by Samruk-Kazyna, which owns 75.1 percent of the bank, according to the fund’s website. Creditors who hold 92 percent of BTA’s $16.7 billion of debt approved the bank’s restructuring plan in May.

Sholpan Mukasheva, an Astana-based spokeswoman for Samruk- Kazyna, wasn’t immediately available to comment when Bloomberg News called her office and mobile phone after business hours today.

Olga Vorobyova, a BTA investor relations official, and Olivia Phillips, a Credit Suisse spokeswoman in London, both declined to comment.

BTA’s debt restructuring will be completed no later than Sept. 5, the bank said in a statement on the Regulatory News Service today.