The license of JSC Credit Altyn Bank, owned by the Assaubayev family, was suspended for six months by Kazakhstan regulators after shareholders didn’t comply with a request to boost the lender’s equity capital.
The National Bank of Kazakhstan’s management board suspended the license on Dec. 24, the Almaty-based central bank financial oversight committee said in a statement on its website today.
The Assaubayev family opened the bank in 2009 after Polyus Gold International Ltd (PGIL), Russia’s largest gold miner, acquired London-traded KazakhGold Group Ltd. from them. Since 2010, Polyus has tried to sell KazakhGold’s assets back to the Assaubayevs to end a legal dispute with its Kazakh counterparts.
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