albinvestorrelations.com/en/news/74.htm
Das Warten ist die grausamste Vermengung von Hoffnung und Verzweiflung, durch die eine Seele gefoltert werden kann.
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Further to the announcement made by JSC Alliance Bank (the “Bank”) on 1 April 2009 relating to the
overstatement of its assets, the Bank wishes to advise that the overstatement relates to transactions
entered into by the Bank between 2005 and 2008 that were not properly recorded on the Bank’s balance
sheet. The transactions included guarantees issued by the Bank that were secured by a pledge of US
treasury securities in the amount of approximately US$1.1 billion. Further investigations of the full extent
of the impairment and adjustments required to the Bank’s financial statements are continuing, and it is
currently too early to determine whether the impairment required will be for the full amount of the pledged
securities or a lesser amount. The results of the investigations (including the determination as the level of
impairment required) may require a recapitalisation of the Bank.
Given this situation, the Bank was not in a position to repay the outstanding balance due under a facility
agreement which matured on 19 March 2009.
As a result of these developments, on 9 April 2009, the Agency of the Republic of Kazakhstan on
Regulation and Supervision of Financial Markets and Financial Organisations (the “FMSA”) has instructed
the Bank to initiate negotiations with the Bank’s creditors and to begin to prepare a restructuring and
recapitalisation plan that can be agreed with the Bank’s creditors. The FMSA expects to review this plan
within the next three months.
The Bank has commenced discussions with its creditors with a view to seeking a three-month standstill
For further information, please contact:
Public Relations
Tel.: +7 (727) 259 80 76
E-mail: pr@alb.kz
www.alb.kz
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ansonsten frag Borat...der kommt morgen abend im TV
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