The Kazakh Bank Credit Altyn’s License Suspended on Capital Concern
Sunday 6 January 2013
(Bloomberg) – The license of JSC Credit Altyn Bank, owned by the Assaubayev family, was suspended for six months by Kazakhstan regulators after shareholders didn’t comply with a request to boost the lender’s equity capital.
The National Bank of Kazakhstan’s management board suspended the license on Dec. 24, the Almaty-based central bank financial oversight committee said in a statement on its website last Friday.
The Assaubayev family established the bank in 2009 after Russia’s largest gold miner, Polyus Gold International Ltd (PGIL), bought London-traded KazakhGold Group Ltd. from them. Since 2010, Polyus has tried to sell KazakhGold’s assets back to the Assaubayevs to put a term on a legal litigation with its Kazakh counterparts.