In one of our recent publication, we conclude that the results of the independent Assets Quality Review (AQR) will invariably turn into a bludgeon against the banks in the hands of the regulator. We also assume that Bank CenterCredit JSC and its management are to become one of the «victims». According to the information we have, not only is the threat still there but it has actually grown stronger.
Even if CenterCredit JSC and its key shareholder Bakhytbek Bayseitov do survive the AQR in general, they may «slip on little things».
Previously, we have already written on the conflict between Bank CenterCredit and its top-managers with Bekzhan Kulbayev. Let us quote from the article called How CenterCredit Conned a Borrower:
«So, here is the story. Four Kazakhs had decided to buy the limited liability company that is the only shareholder of the oil field’s operator in the Aktobe region. The seller wanted US 6 $ mln for the asset. To obtain such a substantial sum, the buyers asked BCC for a loan. At first, the bank’s management agreed to provide the loan, but then, for some reason, started to delay the transaction.
When the situation became critical, BCC’ Chairman Galym Kusainov suddenly demanded (unofficially, of course) that the potential borrowers gave 35% of their share in the purchasing asset to the bank without compensation. Since the transaction was on the verge of falling through and the buyers were at risk of losing the already paid advance money (US 500 $ thousand), they had no choice but accept the deal.
The story, however, does not end here. At the signing of the loan agreement, Kusainov voiced yet another strange demand. The debtors had to borrow not US 6 $ mln but US 12 $ mln. The additional 6 $ mln were to be handed over to the company affiliated with the bank’s key owner Bakhytbek Bayseitov.
To appease the utterly shocked borrowers, Bayseitov had personally guaranteed the safety of the transaction and the return of the 6 $ mln. The document was signed in Almaty on June 26, 2018.
However, something went wrong and, as a result, the four people that borrowed 12 $ mln from BCC and handed over 6 of them to the silent participant of the transaction on Bayseitov’s word and statement of liability have found themselves up in the air. They cannot get back these 6 mln from either the company affiliated with Bakhytbek Bayseitov or from the man himself. Moreover, BCC’ management is initiating an enforced recovery of the entire debt from the limited liability company that has received the loan. Thus, the enterprise may eventually come under the control of the bank».
This article has stirred up one of the most heated discussion on KZ.expert — 70 commentaries were left under it. Note that some of them are quite informative; let us quote two of them.
Let me explain things to „Brave passer-by“. Do not muddy the waters. Kulbayev Zhan Rakhimzhanovich signed the loan agreement based on the personal request of BCC’ Chairman of the Board of Directors Bakhytbek Bayseitov who gave his personal guarantee on the return of the money. Kulbayev Zhan Rakhimzhanovich was fired due to the end of his employment agreement signed for one calendar year. When he started asking the bankers the uncomfortable questions about the loan repayment, they started trying to push him out of the management and simply did not prolongate the employment agreement. As for the origin of Marat Medeubayev’s money, not to worry — all the taxes on it have been paid and its origin is absolutely legal. If you have documented evidence on Kulbayevs’ indebtedness to „Brithsh banks“, please present it to kz.expert’s editorial office or to the law-enforcement agencies of Great Britain or Kazakhstan».
No emotions and unnecessary lyrics — only figures and facts. After the borrower addressed Bank CenterCredit, Chairman of the Management Board Galimzhan Kusainov sent him to member of the Board of Directors Ushbayev Anuar who had practically put into action the scheme they developed on burdening the borrower with additional 6 $ mln later used for Bakhytbek Bayseitov’s needs and had personally joined the founding members of the oil producing company. Thus, TP Energy LLP represented by Ushbayev Anuar acquired 35% in the oil producing company. Therefore, Ushbayev Anuar, at the same time being a member of the Board of Directors of Bank CanterCredit, acted on the basis of a power of attorney and to the benefit of TP Energy LLP and became a founder of the company together with Kulbayevs. All that has been said is confirmed by the legal documents sent to the court and the police and shows the bank’s involvement in the company’s problems and the organization of the meticulously planned banishment of Kulbayevs from the management of the enterprise. By the way, it was Ushbayev Anuar who participated in providing the loans to the oil producing company with the rapacious 180% annual interest rate that they hanged on Kulbayevs’ company».
So, if the National Bank of the Republic of Kazakhstan and its AQR subcontractor would study this case and ask themselves where the 6 $ mln of Bank CenterCredit’s resources have gone to, they could be up for «big discoveries».
For instance, they will learn that the company that got these millions was created only three weeks prior to receiving the honor of being provided with such a substantial loan. They will also learn that the bank’s top-management is now much more concerned with bankrupting Mangistau Oil Resources than with returning the loan.
Judging by the documents that we have at our disposal, at the very least, the organizers of this special op can be accused of stealing and falsifying the documents not to mention abusing the authority.
And if, to all this, we add an inside that these US 6 $ mln have ended up in the hands of banker Bayseitov, the picture is starting to get more than vivid.
Nonetheless, this does not mean that the National Bank’s «bludgeon» will come crushing down on his head if only because the decision on its use will be made in quite a different place. Perhaps there, Bank CenterCredit’s majority shareholder will turn out to be much more influential than the regulator. Not to mention the usual «fixing» of the matter for there won’t seem to be any cash problem.