Will They Come for Klebanov?

On August 27, 2018, the National Bank of Kazakhstan revoked Eximbank Kazakhstan JSC’ licenses to conduct the banking and other operations as well as the stock market activity. However, the fact that the bank was doomed was evident as early as August 25.   

On August 25, 2018, the Kazakhstan Stock Exchange (KASE) announced that, by its Listing Commission’s decision, certain Excimbank Kazakhstan (Almaty)’s securities were taken off the official KASE listing. The list of the excluded securities was also presented in the announcement. 

Such a harsh decision was caused by the fact that Eximbank Kazakhstan had defaulted on its regular coupon payments (from December 4, 2017 to June 3, 2018) for KZP02Y05E986 (KZ2C00003929, EXBNb5) bonds and did not work out a plan on how to return these bonds to the stock listing.

What happened on that same day cannot be called anything other than rats’ fleeing the sinking ship. Here is a quote from Eximbank Kazakhstan’s press-release.

“Eximbank Kazakhstan JSC informs its shareholders and investors on the early resignation of Board of Directors member Mr. Klebanov A.Ya., Board of Directors member Mr. Kan S.V., Board of Directors member Ms. Kim V.V., Board of Directors member and Independent Director Mr. Turmagambetov R.Zh. The resignation of the Board of Directors members occurred on August 25, 2018, and was of there own accord”.

In other words, on August 25, 2018, all the member of the Eximbank Kazakhstan’s Board of Directors chose to retire from their responsibilities.

And, earlier, the Executive Committee members of the financial institute handed in their resignations. Here are some quotes from the press-release published on August 14, 2018 (text in bold by kz.expert).

“Eximbank Kazakhstan JSC (executive body located in the Republic of Kazakhstan, 050010, Almaty, Bogenbay Batyra St., 80) informs its shareholders and investors on the decisions made by the Board of Directors of Eximbank Kazakhstan JSC re the following issues:

1. date the Board of Directors’ meeting – August 13, 2018;

2. the questions on the meeting’s agenda:

On the calling of an emergency meeting of the Eximbank Kazakhstan shareholders and forming the meeting’s agenda.

On adopting a decision re the resignation letters of Executive Committee Chairman Prikhozhan D.A. and Executive Committee members Krivtsova T.L. and Dzhaksymbetova A.K. handed in on July 5, 2018.

3. the decision (decisions) made by the Board of Directors re the agenda issues listed in subclause 2) of the current clause:

On the first agenda issue:

To call an emergency meeting of the Eximbank Kazakhstan JSC shareholders on September 14, 2018 at 4 p.m. The meeting is to take place in the Republic of Kazakhstan, Almaty, Bogenbay Batyra St., 80. The registration of the meeting participants begins on September 14, 2018 at 3.30 p.m. If the meeting will not be held at the appointed time, a repeat meeting of the Bank shareholders with the same agenda is to take place at the given address on September 17, 2018 at 4 p.m. with the registration of the participants starting at 3.30 p.m.”.

On the second agenda issue:

To terminate the authorities of Eximbank Kazakstan Executive Committee Chairman and Executive Committee member Prikhozhan D.A. starting from September 18, 2018 of his own accord.

To terminate the authorities of the Bank Executive Committee members Krivtsova T.L. and Dzhaksymbetova A.K. starting from September 18, 2018, of their own accord”.

Judging by the comment given to Tengrinews.kz by the Central-Asian Power Energy Company (CAPEC), it seems like Alexander Klebanov and Sergey Kan are fairly cleanly trying to tear out of the scandalous story of bankrupting Eximbank Kazakhstan.

Here is their version of the events (text in bold by kz.expert)

“According to the CAPEC press-service’ data, in July-August, Klebanov and Kan increased their share in the company via buying the share of Erkyn Amirkhanov who owned 30.9993% of the CAPEC shares. On August 13, the company’s Board of Directors made a decision to carve out 23.8330% of the bank shares. The sale of the shares from CAPEC JSC to Erkyn Amirkhanov and his affiliated companies was registered by the Integrated Securities Registrar on August 25. Consequently, Eximbank Kazakhstan JSC is no longer a part of the CAPEC Group”, says the press-release.

“Therefore, on August 25, Alexander Klebanov (the then Chairman of the Board of Directors) and members of the Board of Directors Sergey Kan and Valeriya Kim resigned from the Eximbank Kazakhstan JSC Board of Directors of their own accord”, informs the press-service”.

It looks like the former shareholders and members of the Eximbank Kazakhstan Board of Directors are hoping to escape the responsibility by shifting it -

  • first, onto the new majority shareholder Erkyn Amirkhanov who, as early as on May 5, 2018, was arrested on suspicion of corrupt business practices (Article 253, Subsection 6 of the Kazakhstan Criminal Code);
  • second, onto the Executive Committee members.

The feasibility of this scenario being realized is quite high especially considering the fact that the volume of physical bodies’ deposits in Eximbank Kazakhstan is minimal and constitutes only 254 mln tenge while the security of 249 mln of these funds is guaranteed by the Kazakhstan Deposit Insurance Fund. But a lot depends on whether the opponents of Dariga Nazarbyeva whose interests in Kazakhtelecom NC (controlled by her) are represented by Alexander Klebanov will use this situation to their advantage or not.

If yes, then the temporary administration and later the liquidation committee will start an in-depth investigation of who is responsible for the bankruptcy of Eximbank Kazakhstan. If for no other reason than to force Klebanov to share his Kazakhtelecom equity. If not, the scandal will die peacefully: they will pin a couple of more criminal offences on Erkyn Amirkhanov and that will take care of that.


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