BTA Bank, the Kazakh lender seeking to restructure its debt for a second time, said it won a court case to regain control over its Kyrgyz unit that was lost in a “raiding scheme” three years ago.
A court in the Kyrgyz capital of Bishkek on Oct. 12 voided the results of an auction sale of a 71 percent stake in ZAO BTA Bank and ordered its return to the Kazakh parent company, the Almaty-based bank said in a statement e-mailed today.
Investment Holding Co., BTA’s bondholder based in Kyrgyzstan, said in October 2009 it was seeking a court order to sell BTA assets in the country at public auction to recover its investment after rejecting BTA’s debt-restructuring offer. The company at the time held 28.4 million pounds ($45.9 million) of BTA’s 7.125 percent bonds due in December 2009.
BTA’s previous court appeals had no effect “because of the pressure applied by organizers of the raiding scheme,” the Kazakh bank said today.