Kazakhstan Suspends Assaubayev’s Bank License on Capital Concern

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 today.

The Assaubayev family opened the bank in 2009 after Polyus Gold International Ltd (PGIL), Russia’s largest gold miner, acquired London-traded KazakhGold Group Ltd. from them. Since 2010, Polyus has tried to sell KazakhGold’s assets back to the Assaubayevs to end a legal dispute with its Kazakh counterparts.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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