Ablyazov & Associates: the making of a diversion scheme/III

Ablyazov & Associates: the making of a diversion scheme/IIIMoney (especially where lots of it are at stake) works under the law of Archimedes’ communicating tubes. What one party loses, another party is bound to gain. Identifying the losing party is usually not a major problem in “classical” cases of embezzlement – since that party will be the first to complain in the open.

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National company KazMunaiGas participates in the Republican workshop on Kazakhstan content development

National company KazMunaiGas participates in the Republican workshop on Kazakhstan content developmentNational company KazMunaiGas (Astana), bonds of which are present in Kazakhstan Stock Exchange (KASE) official list, informed KASE that on March 31 in Astana started the republican workshop on Kazakhstan contend development with involvement of the Prime Minister K. Massimov, representatives of aikmats, government bodies, enterprises and national companies. Within this event was organized an exhibition of Kazakhstan goods producers “Goszakaz 2010”.

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Halyk Savings Bank of Kazakhstan received two international awards from magazines “Global Finance” and “The Asian Banker”

Halyk Savings Bank of Kazakhstan received two international awards from magazines "Global Finance" and "The Asian Banker"Halyk Savings Bank of Kazakhstan was honored with two international awards. Magazines “Global Finance” and “The Asian Banker” recognized the largest retail bank of the country “The Best in Kazakhstan in 2010” and “World’s Best Emerging Market Banks 2010” and “The Best Retail Bank in Kazakhstan in 2009”.

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Ablyazov & Associates: the making of a diversion scheme/I

Ablyazov & Associates: the making of a diversion scheme/IThe crackdown on “oligarchs” in Kazakhstan has taken off much later than the one in the Russian Federation on their Russian peers. But the result is that the “Mother of all Schemes” carried out by the Kazakh Master Maverick Mukhtar Ablyazov and his associates could spread much further and do much more damage to corporate life in Kazakhstan than it has done in Russia and other former Soviet republics.

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Alliance former owners/executives join exiled bankers’ club

Alliance former owners/executives join exiled bankers' clubToday fully state-owned and engaged in attempts to restructure the equivalent of 4.5 billion debt to banking syndicates abroad, Alliance Bank, is steadily losing ground. On paper, Alliance Bank is Kazakhstan’s fourth-largest banks in assets, but this could well be subject to revision as soon as those assets’ value is being reassessed.

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BTA Bank: debt restructuring legitimate in USA

BTA Bank: debt restructuring legitimate in USABTA Bank informed the proceeding on the debt restructuring case, instigated by the Bank in the Almaty special financial court, was acknowledged in the USA as the main foreign proceeding on the case according to a ruling made March 2, 2010 by the USA Insolvency Court under jurisdiction of the South district of the State of New-York (the USA Court), on the basis of article 15 of “The Bankruptcy Laws”.

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Ablyazov/Dzhakishev: is there a connection?

Ablyazov/Dzhakishev: is there a connection?Most of Kazakhstan’s long-fingered gentry with the law at their heels is on the run these days. Top figure among the alleged white-collar criminals is Mukhtar Ablyazov, the former head of Bank TuranAlem who is believed to have created much of the multi-billion hole the troubled bank is faced with today.

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BTA Bank (Kazakhstan) appeals to US Court to acknowledge debt restructuring legitimate in the USA

BTA Bank (Kazakhstan) appeals to US Court to acknowledge debt restructuring legitimate in the USABTA Bank appealed to the United States bankruptcy court under jurisdiction of the South district of New-York state (the USA Court), requesting to acknowledge the bank debt restructuring process legitimate in the USA. A corresponding appeal was filed with the USA Court on behalf of Bank Chairman Anvar Saidenov, who was on October 16, 2009 appointed by the Almaty special financial court an authorized foreign representative under the bank debt restructuring process.

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Eurasian Development Bank signs a credit agreement with Corporation AIC-Invest (Kazakhstan) to finance grain export

Eurasian Development Bank signs a credit agreement with Corporation AIC-Invest (Kazakhstan) to finance grain exportEurasian Development Bank (EDB) and Corporation AIC-Invest signed a credit agreement to finance 2009 grain crop procurement with an aim to further sell the grain abroad. The agreement was signed by EDB Deputy Chairman Kambar Kambar Shalgimbaev and director of Corporation AIC-Invest Marat Kalizhanov.

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