business and economy

Almaty court suspends and later upholds FSA’s dismissal of ex-CEO of Alliance Bank

By SRI ⋅ July 14, 2009 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

(SRI) - After temporarily suspending the decision of the Financial Supervision Agency (FSA) to remove former Alliance Bank CEO Zhomart Yertayev from his new position as the CEO of Eurasian Bank last Friday, the Almaty District Court upheld the FSA’s decision on Monday.

Yertayev was suspended by the FSA on July 3, reportedly because of violations of Kazakhstan’s banking legislature which had occurred during his tenure as the CEO of Alliance. The FSA said Yertayev was responsible for unreported deals which resulted in significant asset write-downs.

Yertayev vowed to fight the FSA’s decision in court and secured a suspension of the financial watchdog’s decision last week. In a new ruling, however, the court reversed its decision and ruled that the suspension remain in place.

Tags: Alliance Bank, Eurasian Bank

Related articles

• Financial regulator orders dismissal of Eurasian Bank CEO
• Alliance posts $2 billion H1 profit on restructuring