Kazakhstan will seek the return of $250 million invested in the IBA

Baku/24.05.17/Turan: The National Bank of Kazakhstan will investigate the fact of investing $250 million of pension money in the papers of the International Bank of Azerbaijan and will seek repayment of funds, said on Wednesday the head of the Central Bank of Kazakhstan Daniyar Akishev.

"After the internal audit, the materials will be transferred to the appropriate authorities for legal assessment," Akishev said.

According to him, MBA debt securities worth $ 250 million were bought in October 2014.

The decision to purchase was taken by the then head of the National Bank, Kairat Kelimbetov.

The National Bank is making maximum efforts to minimize negative consequences and has been negotiating with the IBA all these days to defend the interests of depositors. The situation was reported to President Nazarbayev.

The IBA said on the eve that it hopes to complete the process of restructuring the $ 3.3 billion debt by the end of August. The main creditors will be offered three options. The first provides for the exchange of sovereign debt with a 12-year maturity in three phases.

The second option is the one-to-one exchange for 15-year bonds, and the third is the exchange of debt at par for the new 7-year bonds of the IBA at 3.5%. All three proposed options assume a loss and a loss of profit, Akishev said. -02D-

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