Mr O.A. Bektenov, Prime Minister of the Republic of Kazakhstan, Chairman of the Asset Recovery Commission.
To the Prosecutor General of the Republic of Kazakhstan Mr B.N. Asylov.
To the Chairman of the Agency of the Republic of Kazakhstan on counteraction to corruption Mr Zhumagali A.J.
Mr D.M. Malakhov, Chairman of the Agency of the Republic of Kazakhstan on Financial Monitoring.
Mr N.M. Suindikov, Chairman of the Asset Recovery Committee of the General Prosecutor’s Office of the Republic of Kazakhstan.
The Public Foundation “Elge Qaitaru” received from the sender “North Atlantic Assets Recovery Team” the text of “Framework Agreement (hereinafter – the Agreement) between the Government of the Republic of Kazakhstan represented by the Ministry of Finance, the National Bank of the Republic of Kazakhstan, JSC “National Welfare Fund “Samruk-Kazyna”, JSC “Problem Loans Fund “, JSC “Kazkommertsbank”, JSC “BTA Bank”, JSC “Halyk Savings Bank of Kazakhstan” and the citizen of the Republic of Kazakhstan Rakishev Kenes Khamituly”, concluded on 2 June 2017.
Under this Agreement, in 2017, for the purpose of financial rehabilitation of Kazkommertsbank JSC, the National Bank of the Republic of Kazakhstan provided the Joint Stock Company “Problem Loan Fund” with 470,196,000,000 (four hundred and seventy billion one hundred and ninety six million) Tenge and the Ministry of Finance of the Republic of Kazakhstan 2,092,941,288,400 (two trillion ninety two billion nine hundred forty one million two hundred eighty eight thousand four hundred) Tenge for redemption of troubled assets BTA Bank JSC and Kazkommertsbank JSC .
JSC “Problem Loan Fund”, having added available own funds, made purchase from JSC “BTA Bank” of problem assets JSC “BTA Bank” and JSC “Kazkommertsbank” for the total amount 2 639 771 120 000 (two trillion six hundred thirty nine billion seven hundred seventy one million one hundred twenty thousand) tenge , having made full prepayment.
BTA Bank JSC from the received amounts 239,771,120,000 (two hundred thirty nine billion seven hundred seventy one million one hundred twenty thousand) Tenge was used to repay the loan to JSC “National Welfare Fund “Samruk-Kazyna” , the remaining part, as we believe, was transferred to Kazkommertsbank JSC for repayment of the existing loan, payment of troubled assets, etc.
After achieving certain goals on financial rehabilitation of Kazkommertsbank JSC, Rakishev K.H. sells his ordinary shares of Kazkommertsbank JSC in the amount of 686,576,349 shares, representing 86.09% of their total number. The shares are sold to Halyk Savings Bank of Kazakhstan Joint Stock Company for 1 (one) tenge.
In addition, National Welfare Fund Samruk-Kazyna JSC sells its common shares of Kazkommertsbank JSC in the amount of 85,517,241 shares, representing 10.72% of their total number, to Halyk Savings Bank of Kazakhstan Joint Stock Company also for KZT1 (one).
Given the above, the “Elge Qaitaru” Public Foundation asks you to investigate the following issues.
- Based on what and whose calculations was the decision to rescue Kazkommertsbank JSC exactly in the amount of 2,639,771,120,000 (two trillion six hundred thirty-nine billion seven hundred seventy-one million one hundred twenty thousand) Tenge made?
- Why was the algorithm of actions chosen, providing first for full prepayment and only then for legal due diligence of the assets to be bought out?
An independent appraisal of the market value of the redeemable assets is not provided for in the Agreement at all. When and by whom was such an appraisal carried out?
- Murat Temirkhanov, a well-known financial expert, wrote in the exclusive.kz website that “the market value of the repurchased assets according to the results of an independent appraisal was 268bn tenge, or 10 times less than the amount paid! As a result, FPC recognised a loss of KZT2,372bn on this purchase of assets”. (https://www.exclusive.kz/expertiza/finansy/117318)
The said loss, consisting of real people’s money, could not have evaporated into thin air and on whose balance sheet was this amount reflected as income? Have taxes even been paid out of it?
- After achieving certain results on financial rehabilitation of Kazkommertsbank JSC, why was not an assessment of its market value for the purpose of selling the bank’s shares through public auction with the involvement of a wide range of investors, instead, targeted sale was carried out?
- An article appeared on Forbes.kz on 21 May 2018 claiming that “Timur and Dinara Kulibayev’s total fortune increased from last year’s $4.2bn to $6.4bn through the acquisition of Kazkommertsbank, which received 2.4 trillion tenge of state money for rehabilitation before the sale”. (https://forbes.kz/leader/lideryi_rosta_kulibaevyi_1526820904/#)
If this statement is true, does the Republic of Kazakhstan have the right to claim a part of the shares of JSC Halyk Savings Bank of Kazakhstan?
- In order to buy out problem assets BTA Bank JSC and Kazkommertsbank JSC with financial rehabilitation of the latter, 2.4 trillion tenge of people’s money was irretrievably lost. Has the circle of persons whose actions led to this been determined? Have the persons to whom the state has material or other legal claims in connection with this been identified?
(In this case, under the Agreement, the list of redeemable assets of BTA Bank JSC did not include assets related in one way or another to Mukhtar Ablyazov)
- In an interview with Kommersant newspaper on 11 May 2018. K. Rakishev stated that he has more than $1bn of cleared assets and $3.5bn of claims to other parties on his balance sheet. While BTA has no financial liabilities to third parties as a result of the transfer of $3bn of liabilities to depositors to Kazkommertsbank JSC.
(https://www.kommersant.ru/doc/3624151)
Due to the fact that K. Rakishev had neither political, legal or any other opportunities for this, then at the expense of whose administrative and political resources this transaction was carried out, and who is its real beneficiary?
In case of establishment of facts of damage according to the results of the investigation of the circumstances of the transaction. Public Foundation Elge Qaitaru asks you to bring to responsibility the guilty persons, to provide compensation for damage and to inform about the decisions taken.
Director of the Public Foundation “Elge Qaitaru” O. Yerzhanov
