NEP Atameken favor of the possibility of restructuring the debts formed by manufacturing enterprises

/IRBIS, September 6, 2010/ - Union Atameken defends the right of industrial enterprises to restructure the backlog, informed today the press office of the National Economic Chamber of Kazakhstan Union Atameken. "Union" Atameken "defends the right of industrial enterprises in the restructuring of the backlog - reported in the treatment of the House to the Presidential Administration of Kazakhstan and the General Prosecutor's Office", - it's stated in the message. As pointed out in the spring of this year Atameken, together with the Association of Financiers of Kazakhstan were developed proposals for amendments and additions to existing legislation in order to expedite the restructuring of bond loans for real sector enterprises. These proposals were first discussed with the leadership of the Committee on Finance and Budget Majlis of Kazakhstan. A similar initiative previously advocated FSA, according to the Association of Financiers. It is pointed out that the very possibility of debt restructuring of real sector enterprises was provided by the Law "On securities market", listing rules of the Kazakhstan Stock Exchange, as well as a number of resolutions of the Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) on October 29, 2008 # 170 for the year, from May 26, 2008 for # 77 and from July 30, 2005 for # 269. However, as noted, the decision of the FSA on June 25, 2010 # 87 was amended decision dated July 30, 2005 # 269, which excluded the notion of restructuring, and excluded the procedure for making changes and additions to the prospectus for the bond issuers' non-financial entities. "As indicated in the treatment of the Union" Atameken ", thus non-financial organizations are denied the right to restructure the debt on bonds," - it's stated in the message. "This approach effectively stymie all industrial enterprises defaulted on the bonds. Against the background of the restructuring of debts of several banks and financial institutions, the decision is discriminatory legitimate interests of manufacturing companies, which contradicts initiated by the Head of State - The leader of the nation, Mr. N.A. Nazarbayev program of forced industrial- innovative development of economy, leading role in the implementation of which is to play industry ", - it's stated in the message. The report stated that according to the KASE, in this situation was a number of leading companies in manufacturing industries that have a backbone important for the industrialized countries: JSC Asia Auto, JSC "VITA", JSC "Kazakhstan Kagazy etc. "Denying them the right to restructure in some cases, raises the question of the beginning of court proceedings for debt recovery and the actual threat of shutdown and bankruptcy of companies. It is noteworthy that in its decision the FSA does not affect banks and financial institutions", - stated in the message. In this situation, Atameken appealed to the Administration of President of the Republic of Kazakhstan and to the Attorney General's Office with a request to protect the interests of real sector enterprises and the abolition of the noted decree by FSA Board on June 25, 2010. [2010-09-06]