BTA Bank (Kazakhstan) signed an agreement with Super Accord LLP on transfer into the ownership of Tau Samal housing complex
/KASE, June 2, 10/ - BTA Bank (Almaty), bonds of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the following press release of June 2, 2010:
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BTA Bank (hereinafter - the Bank) signed an agreement with the construction company Super Accord LLP (hereinafter - the Builder) on transfer of owned by the Builder incomplete construction Tau Samal in Almaty (hereinafter - the Project) into the bank ownership. This agreement regulated the dispute between the bank and the Builder, the subject of which were property rights of the Builder of he Project and the counter credit claims of the Bank to the Builder.
Tau Smala construction started in 2006 by KUAT corporation as the general builder for funding of which KUAT received the loan in BTA Bank.
In 2008 under the influence of the global crisis and Kazakhstan construction industry collapse KUAR failed to continue TAU Samal construction and granted the right of ownership to Super Accord LLP, which also failed to complete the project construction and in 2009 Tau Samal was included to the list of projects, participating in he government Housing Construction Program of the Republic of Kazakhstan for 2008-2010.
Within this program the Government of Kazakhstan issued Resolution #1553 of October 9, 2009 according to which NWF Samruk-Kazyna allocated KZT10 bn to complete houses construction. Also, according to this resolution BTA abnk that had credit claims to Tau Samal owners must have transferred this Project to the Stress Assets Fund for this construction completion.
As a result of negotiation between the Bank and the Builder as well as the participants of Tau Samal sharers developed the compromise decision that underlies the agreement.
In addition, on April 19, 2010 was signed an agreement between BTA Bank, the Stress Assets Fund, KUAT Corporation, Super Accord LLP and Almaty City Akimat Captal Construction Enterprise as the new builder.
Media conatcts: tel. +7(727) 312 24 26, 266 29 28 e-mail: pr@bta.kz www.bta.kz
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[2010-06-02]