BTA Bank exercised insufficient control and arranged payments to creditors in violation of a moratorium during its debt restructuring two years ago, according to a Kazakh government audit obtained by Bloomberg.
The inspection, completed in February, found that the Almaty-based lender was breaching national legislation and bank regulations, a sign of an “inadequate level of control” on the part of BTA executives, the central bank’s financial oversight committee said in the document.
