Almaty SIEC partially satisfied the claim of accumulative pension fund BTA Kazakhstan subsidiary of BTA Bank to ORDABASY Corporation on dividends payment on preferred shares KZ1P48710118 (ORDBp) for 2006-2007

/KASE, July 27, 09/ - ORDABASY Corporation (Almaty), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, in response to KASE request provided the following letter of July 23, 2009 # 369/06: quotation start In response to your letter #10008/1193 of July 10, 2009 we inform that: on June 9, 2009 to Almaty Regional Specialized Inter-district Economic Court (hereinafter - the court) was held the hearing on claim submitted by APF BTA Kazakhstan (hereinafter - the plaintiff) against ORDABASY Corporation (hereinafter - the defendant) on forcing the defendant to pay dividends on preferred shares to the amount of KZT18,277,684.09, including unpaid dividends for 2006 and 2007 equal to KZT17,090,920, a fine for dividends payment delay KZT1,186.764.09 and the state dues. The defendant disagreed with the plaintiff request based on the following: 1. in compliance with article 24 of the Law of the Republic of Kazakhstan "On joint stock companies" of May 13, 2003 (hereinafter - the law) dividends payment periodicity per preferred share is established by the company charter. Given this the defendant charter, approved by shareholders general meeting decision of June 2, 2007, does not stipulate any norms regulating dividends payment periodicity. 2. despite the fact that in compliance with the legislation preferred shares owners are not entitled to participate in the company management, in compliance with item 4 of article 13 of the law, a preferred shares entitles a shareholder to participate in the company management, if a dividend on preferred share was not paid in the full volume during three months from its payment expiry term set forth for its payment. The plaintiff as the defendant shareholder, whose competence, in compliance with the law, is exclusively making changes to the corporation charter, could have initiated changes to the corporation charter concerning dividends payment periodicity. Moreover, the plaintiff as the defendant shareholder did not exercise the right of participation in the company management at non-payment of dividends on preferred shares at his own will. By the court decision of June 16, 2009 the plaintiff claim was partially satisfied, i.e. the defendant will pay unpaid dividends for 2006 and 2007 in the amount of KZT17,090,920, a fine in the size of KZT600,000 and compensation of litigation costs on payment of state dues in the amount of KZT530,728. The court decision was appealed by the plaintiff in Almaty City court by application of June 30, 2009 on the court decision of June 16, 2009 repeal, and the hearings will be held on July 29, 2009. quotation end [2009-07-27]