OREANDA-NEWS. May 07, 2010. With regard to information circulated in mass media about an on-going inspection of JSC “Bank CenterCredit” by the financial police, the management of the Bank would like to make the following statement, reported the press-centre of Bank CenterCredit.

In fact the financial police is currently undertaking its check-up of the Bank. It was launched following an anonymous notice, as if it was written by the employees of the Bank. Such development in its essence violates the operation of law allowing an intrusion of financial controlling bodies and its inspections only by virtue of letters and statements by identified author.

Rumors arising out of the said inspection are related to probable suspicious operations of the Bank, including those related to the share capital. Management of JSC “Bank CenterCredit” is absolutely sure that the Bank does not have any business that could give rise to any doubts of its lawful or financial validity, or have anything common with issues identified earlier in BTA or Alliance. It is quite evident that at the moment the Bank is one of the most highly liquid financial institutions of the country placing considerable funds with the National Bank within a sufficiently long time period. Bankers and financiers are well aware that this is exactly the balance sheet item which may not be exposed to manipulations or used in lucrative ends.

It is the standpoint of BCC shareholders that in its current status the Bank is a transparent financial institution. Kookmin Bank, the largest bank in South Korea, holds a 42% share stake in BCC capital, while another important and reputable partner – International Financial Corporation, a member of the World Bank Group, owns additional 10% of capital. The latest capital increase deal was closed just a month ago and leaves no doubts in well-grounded undertakings on the side of Kookmin and IFC. It is obvious, that Kookmin Bank, whose representatives since long ago lead the key positions within the Bank (head of risk management and CFO), has had enough time to scrutinize Bank’s business before stepping-in. The same relates to IFC: the decision making process of this international organization comprising over 180 member-countries, including Kazakhstan, has taken 10 months before the last capital increase was finalized and IFC became a full-scale shareholder of BCC. We think it improbable and irrelevant to principles of these financial institutions to overlook any material facts during the due diligence of BCC. Besides, we confirm that the capitalization transaction engaging Kookmin and IFC was prepared and realized in direct partnership with well-known international law firms acting as legal advisers of parties.

Poorly grounded are rumors about the “urgent” visit of BCC Chairman of the Board of Directors Bahytbek Baiseitov to South Korea that is linked to invented problems arising due to the said inspection. As a matter of fact, this visit was planned long ago, in January this year and our Chairman was there last week among with a Government and business delegation led by the Kazakhstan President Nursultan Nazarbayev. The visit to South Korea was regarded as a serious political step supporting intentions of the second largest Korean bank to invest in major projects of Kazmunaigas and oil & gas industry (about USD1.5 bln.), and covered other important issues. Of course, it is natural that the Chairman of Kazakhstani bank strategically partnering with largest bank of Korea, planned active participation in this trip.

Viewing these facts Bank sees no reasons for any concerns on the side of its investors, clients and lenders and strongly intends to follow the set strategy of further development relying on the support of its shareholders and the strategic partner.