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BTA Bank pays up 7.7 percent of shares of its subsidiary in Kyrgyzstan

A transaction on the sale of 7.7 percent of the shares of BTA Bank CJSC, owned by the State Property Management Fund of Kyrgyzstan, was carried out. The buyer in the framework of the settlement agreement was the Kazakh BTA Bank.

In March, Kyrgyzstan and BTA Bank JSC (Kazakhstan) signed an amicable agreement on the settlement of an international arbitration dispute and purchase-and-sale agreement for 7,7092 percent of the state shares of BTA Bank CJSC. Under the terms of the deal, the Kazakh bank has paid 177,620,000 soms for the shares.

«In 2015, by decision of the Supreme Court, the State Property Management Fund got 15.4 percent of shares of BTA Bank. Previously, they belonged to Daniyar Usenov. In 2016, after an additional issue of shares, the fund’s block of shares fell to 7.7 percent. Exactly this block we have sold to BTA Bank. Nothing in the bank belongs to the state now,» Timur Malbashev, the head of the Business and Property Management Department of the State Fund told 24.kg news agency.

In 2011, the Prosecutor General’s Office instituted a criminal investigation into a raider seizure of the bank. It turned out that in 2009, through two front companies, the Kazakh investor lost control of the subsidiary. 71 percent of the shares were transferred by court to two firms-plaintiffs, which have to do with the former president Kurmanbek Bakiyev’s entourage.

After the revolution, BTA Bank again appealed with a demand to return the property. The court recognized the Kazakh bank an affected party, the shares returned to it in 2015.