Kazakhstan: Boosting Access and Development
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Supporting You in Kazakhstan
Supporting you in Kazakhstan Linklaters has been active in Kazakhstan for over fifteen years. Utilising its international and local experience, unrivalled ability to provide commercial advice and flexible problem-solving approach, Linklaters has advised many of the firm’s major clients on pursuing their business interests in Kazakhstan. Linklaters has extensive experience Our strong global network means that Adding value working with international corporate we are able to quickly assemble teams > An integrated and experienced CIS clients and financial institutions investing whenever needed by our clients. team, committed to understanding in Kazakhstan and leading Kazakh We frequently coordinate deals in the market across the region and corporates and financial institutions as Kazakhstan through our offices in ensuring our clients get the premium they access the international financial London, Moscow, Warsaw and across service they need to do deals markets and expand their activities Asia, where we have a number of efficiently and effectively inside and outside Kazakhstan. dedicated lawyers with a full awareness > A world class global law firm of the legal and commercial landscape Over the years, we have developed with unparalleled expertise of Kazakhstan. close relationships with local counsel, in executing international whose experience and expertise have Our deep understanding of the local transactions around the world proved instrumental in navigating our economy and politics makes us ideally > Experts in facilitating communication -
Country Update KAZAKHSTAN
Country update KAZAKHSTAN Summary Kazakhstan’s banking sector remains one of the country’s major weaknesses, with the share of non-performing loans worrying high at 35-40% of total loans in 2011. In early 2012, BTA Bank defaulted for the second time, after the bank and three other banks defaulted in the global recession of 2009. The default is not only negative for the bank itself, but also for the banking sector as a whole, as it undermines investor confidence in Kazakh lenders, and thereby has a negative impact on foreign investment in the country. The image of Kazakhstan was further affected by severe riots in the oil town of Zhanaozen in December 2011, killing at least 16 people and wounding many more people. The authorities took firm measures to restore social stability and in one go, the government cracked down on the opposition and political activists, which allegedly had incited the unrest. Social stability was restored and the likelihood of contagion to other regions is small. However, the crackdown showed that the authorities are increasingly intolerant of oppositional voices. New government measures, created in response to the social unrest, aim to reduce social and labor tensions in the future. As a consequence, companies may come under increased pressure to accept wage demands. Things to watch: Recovery of the banking sector Social and political unrest Author: Reinier Meijer Country Risk Research Economic Research Department Rabobank Nederland Contact details: P.O.Box 17100, 3500 HG Utrecht, The Netherlands +31-(0)30-21-31568 -
France Recognised the Political Nature of the Prosecution of Mukhtar Ablyazov, a Longtime Opponent of Nursultan Nazarbayev
www.odfoundation.eu France recognised the political nature of the prosecution of Mukhtar Ablyazov, a longtime opponent of Nursultan Nazarbayev. The need to obtain ‘additional testimonies’ against Ablyazov led to the intensification of a ‘hunt’ for former top managers of BTA Bank. In particular, the Kazakhstani authorities have kidnapped Zhaksylyk Zharimbetov from Turkey and are seeking the extradition of Anatoliy Pogorelov and Roman Solodchenko. Report was published on 10 February, 2017 www.odfoundation.eu The Open Dialog Foundation was established in Poland, in 2009, on the initiative of Lyudmyla Kozlovska (who is currently the President of the Foundation). The statutory objectives of the Foundation include the protection of human rights, democracy and rule of law in the postSoviet area. The Foundation focuses particular attention on the region’s largest countries: Kazakhstan, Russia and Ukraine. The Foundation pursues its goals through the organisation of observation missions, including election observation and monitoring of the human rights situation in the postSoviet area. Based on these activities, the Foundation produces reports and distributes them among the institutions of the EU, the OSCE and other international organisations, foreign ministries and parliaments of EU countries, analytical centres and the media. In addition to observational and analytical activities, the Foundation is actively engaged in cooperation with members of parliaments involved in foreign affairs, human rights and relationships with the postSoviet countries in order to support the process of democratisation and liberalisation of internal policies in the postSoviet area. Significant areas of the Foundation's activities also include support programmes for political prisoners and refugees. -
Doing Business in Kazakhstan
DOING BUSINESS 2021 IN KAZAKHSTAN Doing Business in Kazakhstan 2021 Baker McKenzie – CIS, Limited Almaty office Samal Towers, 8th Floor 97 Zholdasbekov Street Almaty, Kazakhstan 050051 Phone: +7 727 3 300 500 Facsimile: +7 727 258 40 00 [email protected] www.bakermckenzie.com The information in this brochure is for informational purposes only and it may not reflect the most current legal developments, judgments or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything and in respect of the consequences of anything done or omitted wholly or partly in reliance upon the whole or any part of the contents of Baker McKenzie’s “Doing Business in Kazakhstan” brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this brochure without seeking the appropriate legal or other professional advice on the particular facts and circumstances. Doing Business in Kazakhstan Table of Contents 1 Kazakhstan — an overview ..................................................... 1 1.1 Geography .................................................................... 1 1.2 Population .................................................................... 1 1.3 History.......................................................................... 1 1.4 Government and political system ................................. 2 1.5 Economy ..................................................................... -
Bank of Georgia Announces New Senior Appointments 091021
Tbilisi, 21 October, 2009 JSC Bank of Georgia announces changes in the management and new senior appointments JSC Bank of Georgia (LSE: BGEO; GSE: GEB) (the “Bank”), Georgia’s leading bank announced today certain new appointments and senior management changes to support the Bank’s business. Mr. Archil Gachechiladze, previously Deputy Director at TBC Bank, Georgia, has been appointed as Deputy Chief Executive Officer (“Deputy CEO”) and will succeed Mr. Ramaz Kukuladze as Deputy Chief Executive Officer in charge of Corporate Banking, following Mr. Kukuladze’s resignation to take on the position of First Deputy CEO of United Telecom of Georgia. Mr. Kukuladze will continue to serve as a Chairman of the Supervisory Board of Aldagi BCI, the Bank’s wholly owned insurance company in Georgia. Mr. Nikoloz Shurgaia, previously CEO of VTB Bank, Georgia, will assume the position of Deputy CEO for International Banking, overlooking the Bank’s international banking operations. Mr. Shurgaia will be appointed as Chairman of the Supervisory Board of Belaruskiy Narodniy Bank (BNB) and as a member of the Supervisory Board of BG Bank, Ukraine, both appointments to be approved by the next Shareholders’ Meeting of BNB and BG Bank, respectively. Mr. Tariel Gvalia will step down as a Chairman of BNB’s Supervisory Board upon the expiration of his tenure in December 2009. “I am very pleased that we further enhanced the Bank’s management pool as we continue to attract top talent with western background from our competitors. I am also glad to report that we have management depth in place to lead our efforts in Belarus and Ukraine. -
Short Selling – Allowed (100% of Securities for Sell Orders and Repo Open Orders) • Securities Lending – Repo with Netting
Kazakhstan securities market: migration to T+2 settlement cycle Presenter: Idel SABITOV, Deputy CEO KASE 10 September 2015 XII International Conference ACDE Almaty • Shares market: statistics • KASE Index – Kazakhstan's shares market's business card • T+2: goals • Т+2: recommendations and standards • Transition from T+0 to T+2: timeline • T+2: main conditions • T+2: prefunding requirements and risk management elements • T+0: flowchart • T+2: flowchart • From T+0 to T+2 2 Shares market: statistics Traded Volume, bn USD Market Capitalization, bn USD Primary market (IPO) Secondary market 120 100 1.5 80 3.9 bn USD 48.7 bn USD as of 01.09.15 60 as of 01.01.05 40 2.8 Volume, bn USD 1.7 20 0.4 1.1 0.4 0.7 0.7 0.9 0.3 0 0.2 0.1 0.1 0.2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 2015'8M Issuers by Industry Sectors Equities Market Energy Financials 102 103 108 99 92 95 100 7.9% 78 81 79 78 74 66 68 Provision of telecommunications Materials 11.4% 34.7% services Industrials Consumer staples 10.7% Provision of municipal services Information Technology 2009 2010 2011 2012 2013 2014 2015 Health Care Consumer Discretionary (September) 31.5% Issuers Instruments 3 Shares market: statistics 100 Members of securities market 90 Volume of shares trading (as of 01.09.2015) (for 8 months 2015) 80 70 60 5 1 11% 50 40 48 492 30 17 participants 25 mln USD 20 10 89% 0 Shares 1st Shares 2nd category category Number of shares National Bank Brokers: banks KASE Index shares Non-Index shares Brokers: asset managers Other Total -
Kazakhstan Takes Control of Two Banks
Legal Alert Бейкер и Макензи – Baker & McKenzie – Си-Ай-Эс, Лимитед CIS, Limited Қазақстан Республикасы Samal Towers, 8th Floor 050051, Алматы, Самал-2 97 Zholdasbekov Street Жолдасбеков көшесі 97 Samal-2, Almaty 050051 Самал Тауэрс, 8 қабат Kazakhstan Тел.: +7 727 250 99 45 Tel: +7 727 250 99 45 Факс: +7 727 258 40 00 Fax: +7 727 258 40 00 [email protected] [email protected] www.bakernet.com www.bakernet.com 4 February 2009 KAZAKHSTAN TAKES CONTROL OF TWO BANKS In line with Baker & McKenzie’s practice of keeping clients informed of important legal developments that might influence your business, we would like to draw your attention to the following recent changes in Kazakhstan’s banking sector. Overview On 2 February 2009, Kazakhstan took steps to take control of two of its largest banks, JSC BTA Bank and JSC Alliance Bank. BTA Bank and Alliance Bank are the largest bank and the fourth largest bank, respectively, in Kazakhstan.1 BTA Bank On 2 February, the press-service of the Government of Kazakhstan made a public announcement that the Government had taken a decision to cause BTA Bank to issue 29,915,425 new voting shares and to sell those shares to the national management holding company JSC National Welfare Fund Samruk-Kazyna (“Samruk-Kazyna”). This mandatory issuance will result in Samruk-Kazyna’s acquiring complete control over BTA Bank (by holding 78.14% of the bank’s voting shares) and in dilution of the existing shareholders to 21.86%.2 The purchase price for the shares is set at 8,401 tenge per share, which was the opening price for BTA Bank’s shares at the Kazakhstani Stock Exchange on 2 February.3 The total price for the shares is 251,319,485,425 tenge (approximately US $2.06 billion, at the exchange rate in effect on that date). -
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT of NEW YORK Hearing Date and Time
Hearing Date and Time: [ I. Objection Deadline Date and Time: [ 1. WHITE & CASE LLP 1155 Avenue ofthe Americas New York, New York 10036-2787 Telephone: (212) 819-8200 Facsimile: (212) 354-8113 Abraham L. Zylberberg Evan C. Hollander Richard A. Graham UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ) In re ) Chapter 15 ) JSC BTA Bank, ) Case No.1 0-__ ( ) ) Debtor in a Foreign Proceeding. ) ------------------------------) VERIFIED PETITION FOR RECOGNITION OF FOREIGN MAIN PROCEEDING AND REQUEST FOR RELATED RELIEF Petitioner, Anvar Galimullaevich Saidenov (the "Petitioner"), as the authorized foreign representative of JSC BTA Bank (the "Bank," or "Debtor"), the debtor in a voluntary restructuring proceeding currently pending in the Republic of Kazakhstan (the "Kazakh Proceeding"), by and through his undersigned counsel, respectfully submits this verified petition in furtherance of the Official Form of Voluntary Petition filed concurrently herewith (collectively, the "Petition") for entry of an order (i) recognizing the Kazakh Proceeding as a foreign main proceeding pursuant to sections 1515 and 1517 of title 11 ofthe United States Code, 11 U.S.C. §§ 101-1532 (the "Bankruptcy Code") and (ii) granting related relief pursuant to section 1520 of the Bankruptcy Code. In support ofthe Petition, the Petitioner has filed concurrently herewith and incorporated herein by reference (a) the Declaration of Anvar Galimullaevich Saidenov pursuant to 28 U.S.C. § 1746 (the "Saidenov Declaration") and (b) the NEWYORK 7464315 (2K) Declaration ofYuriy Vladimirovich Maltsev pursuant to 28 U.S.C. § 1746 (the "Maltsev Declaration") and respectfully represents as follows: BACKGROUND A. The Bank and the Foreign Representative 2. The Bank was incorporated under the laws of the Republic of Kazakhstan on 15 January 1997 as a closed joint stock company under the name Bank TuranAlem JSC as part of a restructuring and merger between two state owned banks, Alem Bank and Turan Bank. -
Kazakhstan Stock Exchange"
JSC "KAZAKHSTAN STOCK EXCHANGE" PRESS - RELEASE Almaty February 5, 2013 Results of Kazakhstan Stock Exchange activities in 2012 HIGHLIGHTS: 1. Main projects of Kazakhstan Stock Exchange (KASE). 2. "People's IPO" on KASE and exchange trading technologies. 3. Performance indicators of the exchange and exchange market. *** Projects of the year Main projects implemented by KASE in 2012 include, in the first place, improvement of the Exchange's operational quality in order to align it with requirements of the new legislation on risk reduction. In the course of that work KASE had to notably change its organizational structure and internal regulatory base. The restructuring process turned out to be labour-intensive and influenced virtually all structural units of the Exchange. The most important project in this field is the implementation of a new system to monitor KASE members – their financial strength and solvency which are checked continuously. One of apparent results of that monitoring are the new 60 pages of Exchange members on KASE website disclosing a big volume of open data necessary for investors seeking a partner on Kazakhstan's financial market. Another remarkable project of the year was the implementation of the first stage of the "Peoples' IPO" program, the main nationwide project on Kazakhstan's stock market in 2012. During the preparation and conducting of the IPO the Exchange accomplished a lot of work, including measures on a scale unprecedented for Kazakhstan, which made the first share offering under the "People's IPO" a success. Due to the project's uniqueness many aspects of KASE activities were overhauled: rules of subscription were developed, special software (including a separate trading module) was designed, and a comprehensive testing of the trading system was conducted in terms of accepting and processing of a big number of orders. -
KAZAKHSTAN STOCK MARKET August 20 - 26, 2009
KAZAKHSTAN STOCK MARKET August 20 - 26, 2009 SUPPLEMENTAL INFORMATION US dollar = 150.68 at official rate for the end of the period. US dollar = 150.75 at weighted average rate of the Exchange for the end of the period. Speed of tenge devaluation to dollar for the period at exchange’s rate made 3.2 % APR. Money market indicators as of August 26 and change for the period Indicator Rate Trend TONIA 1.20 +0.8 Autorepo GS 2 days 1.34 +0.8 Autorepo GS 7 days 3.46 +2.4 Autorepo GS 28 days – – KazPrime-3M 6.47 0 Stock securities’ market indicators as of August 26 and change for the period Index Value Trend KASE 1,383.37 +5.1 KASE_BP 217.16 -0.9 KASE_BC 199.00 +2.8 KASE_BY 17.65 -0.6 MAIN NEWS OF THE MARKET August 21, BTA Bank (Almaty) reported that on August 18, 2009 during the on-line conference jointly with KPMG, PriceWaterhouse Coopers and international legal company Lovells, BTA Bank informed investors and creditors on restructuring of the bank. According to the report, there are next steps in restructuring: completion of financial and legal check – September 2 – 4, 2009, including release of reports on financial audit by KPMG and legal check by White & Case; return of assets – September 2 – 4, 2009, including report by PriceWaterhouse Coopers and Lovells on works and compliance with the strategy on assets returns; strategic estimation of the bank / business-plan – September 2 – 4, 2009, including Bank management’s presentation and revised business-plan’s results; Restructuring and recapitalization plan – before September 18, 2009, including presentation to AFS of restructuring plan, determination of required solvency capital in accordance with results of financial audit and revised business-plan. -
Doing Business in Kazakhstan 2019
DOING BUSINESS IN KAZAKHSTAN 2019 Doing Business in Kazakhstan 2019 Baker McKenzie – CIS, Limited Almaty Office Samal Towers, 8th Floor 97 Zholdasbekov Street Almaty, Kazakhstan 050051 Phone: (7-727) 3-300-500 Facsimile: (7-727) 258-40-00 [email protected] www.bakermckenzie.com The information in this brochure is for informational purposes only and it may not reflect the most current legal developments, judgments or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything and in respect of the consequences of anything done or omitted wholly or partly in reliance upon the whole or any part of the contents of Baker & McKenzie’s “Doing Business in Kazakhstan” brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this brochure without seeking the appropriate legal or other professional advice on the particular facts and circumstances. Doing Business in Kazakhstan Table of Contents 1 Kazakhstan — An Overview .................................................................. 11 1.1 Geography ................................................................................... 11 1.2 Population ................................................................................... 11 1.3 History .......................................................................................... 11 1.4 Government and Political System ........................................ -
KAZAKHSTAN STOCK MARKET July 23 - 29, 2009
KAZAKHSTAN STOCK MARKET July 23 - 29, 2009 SUPPLEMENTAL INFORMATION US dollar = 150.76 at official rate for the end of the period. US dollar = 150. 68 at weighted average rate of the Exchange for the end of the period. Speed of tenge devaluation to dollar for the period at exchange’s rate made 2.0 % APR. Money market indicators as of July 29 and change for the period Indicator Rate Trend TONIA 0.81 -0.02 Autorepo GS 2 days 0.91 +0.001 Autorepo GS 7 days 2.78 +0.4 Autorepo GS 28 days – – KazPrime-3M 9.44 -0.1 Stock securities’ market indicators as of July 29 and change for the period Index Value Trend KASE 1,123.47 +5.5 KASE_BP 211.06 +1.6 KASE_BC 174.85 +2.2 KASE_BY 17.54 -0.01 MAIN NEWS OF THE MARKET July 23, BTA Bank (Almaty) informed that BTA Bank Board of Directors made decision to elect to the Board pf Malik Mukhametkaliev as the Board Deputy Chairman, BTA Bank Board member from July 10, 2009. Also, BTA Bank Board of Directors decided to early terminate the following Board members authorities: from July 10, 2009 - G. KholodZinskyi (BTA Bank Board Deputy Chairman), Murat Yuldashev (BTA Bank Board Deputy Chairman), Asylmurat Ramazanov (Managing Director, BTA Bank Board member), Kunsulu Kapbasova (Managing Director BTA Bank Board member) and from July 13, 2009 - Galimzhan Pirmatov (Board First Deputy Chairman, BTA Bank Board member). July 23, Fitch Ratings assigned KazMunaiGaz Finance Sub B.V.'s (KMG Finance Sub B.V.) USD1.25bn 11.75% notes due 23 January 2015 a final senior unsecured 'BBB-' rating.