Oct. 17 (Bloomberg) -- 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.
To contact the reporter on this story: Nariman Gizitdinov in Almaty at email@example.com
To contact the editor responsible for this story: Steve Voss at firstname.lastname@example.org