business and economy
Astana Finance loses $778 million in Jan-Sep
(SRI) - Astana Finance reported a net loss of KZT116.7 billion ($778 million) in the first nine months of 2009, according to unaudited financial statements published on the website of the Kazakhstan Stock Exchange (KASE).
Its assets fell by 28 percent in the period from January through September to KZT215.7 billion ($1.44 billion) from KZT299.5 billion ($2.00 billion).
Astana Finance reported negative equity of KZT88.9 billion ($592 million) as of the end of September.
KASE announced that Astana Finance’s common and preferred shares have been delisted from the exchange due to a failure to comply with KASE’s disclosure requirements. In April and July, the lender reportedly provided KASE with reports and financial statements for the first and second quarter of 2009 but later withdraw them and requested not to publish them on KASE website.
Astana Finance is currently amidst debt restructuring talks with its foreign and domestic creditors, after it stopped repaying its liabilities in May. Last week, its domestic creditors rejected a proposed restructuring plan citing concerns over a lack of transparency and saying it violated a principle of equality among domestic and foreign creditors.
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Unbelievably $108 million of which was on the long side of a CDS over BTA. Who knows how interconnected the system is? One suspects we will find out when BTA, Alliance and Astana Finance collapse