/KASE, April 26, 12/ - Development Bank of Kazakhstan (Astana), bonds of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release of April 26, 2012:

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The Credit Committee of Development Bank of Kazakhstan (DBK) decided to transfer the project of LLP Silicium Kazakhstan (the Borrower) to the "problem" category. DBK starts the procedure of collecting the debt from the Borrower, who does not fulfill obligations on loan since 2010.

DBK funded project of LLP Silicium Kazakhstan on production of metal silicon has been put into operation at the end of 2010. At present, the plant in Karaganda Region uses one furnace out of two planned. However, the Borrower delays fulfillment of obligations on DBK loan.

The total amount of debt of LLP Silicium Kazakhstan to DBK makes up KZT16 bn.

Also it is necessary to emphasize that the project of LLP Silicium Kazakhstan is closely connected with another DBK problem project JSC Company BIOHIM on construction of the plant on bioethanol production. Both enterprises have single founders, who own the group of companies in Kazakhstan and Russia.

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[2012-04-26]