OREANDA-NEWS. November 01, 2011. TEMA Ko. (Almaty), securities of which are officially listed on Kazakhstan Stock Exchange (KASE), provided to KASE the following press release, reported the press-centre of KASE:

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according to comments received from Burgan LLP on the situation related to the Kazakhstan Hotel we inform the following:

In May 2011, Alfa Bank (Russia) addressed to Almaty City Specialized Inter-district Court the suit to levy the debt from Burgan LLP as a collateral security of the Kazakhstan Hotel building.

On September 1, 2011, the Court made the decision to levy the debt from Burgan LLP and abandon Alfa Bank a collateral security of the Kazakhstan Hotel building. The decision came into force on September 28, 2011.

At present, an execution has been commenced.

Burgan LLP management plans to eventually repay the debt to Alfa Bank.

We would like to emphasize that the situation related to Burgan LLP and the Kazakhstan Hotel building does not affect TEMA Ko. activities due to the following:

Alfa Bank can not demand the recovery of debt on the Kazakhstan Hotel as earlier by the Court decision of September 1, 2011, Alfa Bank received abandonment. The rational of Court abandonment relates to the fact that the Kazakhstan Hotel cost of significantly exceeds the size of debt of Burgan LLP.

In addition, the hotel building, including all restaurants, a re being rented by TEMA Ko. In this situation according to Article 559 of the Civil Code of the Republic of Kazakhstan, the transfer of property right, the right for economic activities or operational management of leased property to a third party can not serve as the basis for any change or termination of a contract of tenancy.

Thus, TEMA Ko. is a stable, developing and not dependent on relation between the landlord  and creditor.