Kazakhstan, Astana, April 26 / Trend, D. Mukhtarov /
Kazakhstan Development Bank (KDB) is starting a debt recovery procedure towards LLP Silicium Kazakhstan, which has not fulfilled its loan obligations since 2010, the bank said on Thursday.
The Credit Committee of JSC Kazakhstan Development Bank (KDB) decided to transfer the LLP Silicium Kazakhstan (borrower) project to the category of 'problem', the report says.
The KDB funded LLC Silicium Kazakhstan project for the production of silicon metal was put into operation in late 2010. At present, the plant in the Karaganda region operates in one furnace instead of the planned two. However, the borrower under various pretexts has delayed the fulfilment of obligations on the KDB loan.
The total debt of LLP Silicium Kazakhstan to the KDB is about 16 billion tenge (147.75 tenge = $1).
The LLP Silicium Kazakhstan project is closely related to another problem project relating to the KDB- JSC Company BIOHIM for the construction of a bioethanol plant. Both enterprises have the same founders, owning a group of related companies in Kazakhstan and Russia.
The Kazakhstan Development Bank was established in 2001. It is the national institution of development which provides lending of medium and long term investment projects in production infrastructure and non-law sectors of economy.