Appeal panel of Almaty city court did not change its mind on VITA (Kazakhstan) bankruptcy

/KASE, April 15, 11/ - JSC Accumulative Pension Fund GRANTUM (Subsidiary organization of Kazkommertsbank) (Almaty) has provided to Kazakhstan Stock Exchange (KASE) the following press-release of April 15, 2011: quote Accumulative Pension Fund GRANTUM says that the Appeal panel of Almaty City Court resolved on April 7, 2011 to leave unchanged the decision of Almaty Special Inter-district Economic Court dated January 26, 2011 on declaring VITA bankrupt. Case on the insolvency of the debtor VITA has been considered by the court of first instance following claims from pension funds, insurance companies and other financial institutions. According to information published on the website of Kazakhstan Stock Exchange, VITA committed default on payment of the principal debt and interest due for the tenth coupon period on the fourth issue of bonds, where the principal debt makes up KZT5 bn, and it failed to pay interest for the eighth and ninth coupon periods on the fifth issue of bonds with the principal debt making up KZT6 bn. Bonds of VITA were purchased by asset management companies, insurance companies and numerous pension funds. unquote [2011-04-15]