OREANDA-NEWS. March 17, 2009. Halyk Savings Bank of Kazakhstan (Almaty), a company listed on Kazakhstan Stock Exchange (KASE), provided KASE with a statement as follows, reported the press-centre of KASE:

STATEMENT in regard of information on arrest of money, movable estate and real estate of the bank released at the Halyk Savings Bank of Kazakhstan site March 12, 09:

The text released at the Bank site:

On arrest on money, movable estate and real estate of Halyk Savings Bank of Kazakhstan

Herewith, Halyk Savings Bank of Kazakhstan (the Bank) informs that the Special interregional economical court of Almaty on March 2, 2009 ruled to arrest money, movable estate and real estate of the Bank within the sum of the claim made to the Bank in the amount of KZT12,138,852.00.

Due to publication at the corporate site of Halyk Savings Bank of Kazakhstan on March 12, 2009 of information on arrest of property according to the decision of the court, Halyk Savings Bank of Kazakhstan comments as follows.

The Special interregional economical court of Almaty has at its consideration the claim submitted by a construction organization (the claimer) on collection from Halyk Savings Bank of Kazakhstan (the Bank) of the debt in the amount of KZT12,138,852.00 (USD80,769.5 according to the KASE rate as on March 13, 2009) according to a construction agreement (the subject of the agreement is construction of the Bank building). The legal dispute arose due to different understanding of terms of the agreement in regard of execution thereof by the sides (the Bank and the Contractor).

According to the order, as specified by the procedural legislation of the Republic of Kazakhstan, the claimer also submitted an application on taking steps to secure the claim, in accordance with the ruling of the court imposing arrest on money, movable assets and real estate of the Bank within the sum of the made claim.

At that, the Bank deems ruling illegal and unreasonable in connection with which the Bank filed a complaint on the court ruling.

Therewith, in acordnace with article 79 of the Law of the Republic of Kazakhstan "On Joint-Stock Companies" the Bank must bring to notice of its shareholders information on activites of the company related to shareholders' interests. This requirement of the law has been honored by the Bank.

We draw attention the court ruled to impose arrest in regard of common business dispute, and the cost of arrested property of the Bank is insignificant as compared to the capital and assets of the Bank. The ruling in no case shall affect capability of the Bank to effectively and in former regime carry out its operations and service clients.

As the information at the site of the Bank in regard of securing measures made by the court on application of the Claimer has been published to meet requirements of the Kazakhstan legislation, and consequences of such arrest shall not affect financial and economical state of the Bank, the management and collective of the Bank hope the publication will not be used in speculative purposes, as there is no (even in in theory) threat to the Bank stability.