Kazakh BTA Bank to recover control over its subsidiary in Kyrgyzstan
Azerbaijan, Baku, Oct. 17 /Trend E. Kosolapova/
Kazakh BTA Bank will recover control over its subsidiary in Kyrgyzstan, the bank reported on Wednesday.
"On October 12, 2012 the Interdistrict court of Bishkek granted Bank's claim on annulment of bids resulted in sale of 71 percent of shares in BTA Bank CJSC (Kyrgyz Republic) owned by the Kazakh BTA Bank. The court ordered to transfer shares into the Bank's ownership," the bank said.
The granting order was made after long court procedures. The annulled bids which resulted in loss of 35.5 million shares of the Bank's subsidiary in Kyrgyzstan were held in 2009. The bids were held under illegal decision which was preceded by a planned raid on the Bank.
"The fact that the Bank suffered raid is in particular evidenced by the order under the criminal case on illegal acquisition of 71 percent of shares in BTA Bank CJSC made by the Kyrgyz court in May, 2012," the Bank said.
Order made by the Interdistrict court of Bishkek in favor of the Bank gives promise that the Bank's investment rights will be fully recovered in Kyrgyzstan in the nearest future, the Bank said.
"We hail the order made by Bishkek court and objective and impartial consideration of our claim. As a foreign investor working here we are satisfied that our legal rights and interests in Kyrgyzstan are duly protected," Chairman of the Board of Directors of BTA Bank Anvar Saidenov said.