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Kazakhstan Suspends Assaubayev’s Bank License on Capital Concern

Jan. 4 (Bloomberg) -- 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, 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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