Unified Accumulative Pension Fund Joint Stock Company continues to work actively to recover bad debts resulting from default on pension assets.
Recall that UAPF has been carrying out this work since the transfer of pension assets from private accumulative pension funds to UAPF. At the time of completion of the transfer of pension assets to UAPF in 2014, there were 32 problem issuers in the Fund’s portfolio and their debt amounted to KZT 161.45 bln at par.
As of August 2020, UAPF is working on debt recovery in relation to the remaining 19 issuers that defaulted. These 19 problem issuers can be roughly divided into the following groups:
1. Issuers in respect of which the rehabilitation procedure was applied
(Rosa JSC, Kazakhstan Kagazy JSC and Imstalkon JSC). There are 3 issuers in total.
The amount owed by these issuers at par is KZT15.80 bln
2. Issuers in respect of which claim work / enforcement proceedings are being carried out (Alternative Finance JSC, REMIX-R JSC, Kazneftekhim JSC, Astana-Nedvizhimost JSC, Building Materials and Structures Plant-2 LLP, Ornek XXI JSC, Mineral Resources of Central Asia JSC, TEMA Ko JSC, HOMEBROKER JSC, Mining and processing plant "Tort-Kudyk" JSC, Corporation "APK-Invest LLP, Holding" Kazexportastyk JSC). There are 12 issuers in total. The amount of debt for this group at par is KZT 13.03 bln.
3. Issuers subject to bankruptcy / compulsory liquidation (Valut-Tranzit-Bank JSC, GLOTUR JSC, Qazaq Banki JSC, Eximbank Kazakhstan JSC). There are 4 issuers in total. The amount of debt of this group of issuers at par is KZT17.5 bln.
Thus, as of August 2020, the total amount of debt (at the expense of pension assets) for the above 19 problem issuers is KZT46.33 bln, at par, and taking into account the debt of Holding “Kazexportastyk” JSC on payment of coupon interest in the amount of KZT5.8 bln, the total amount of debt will be KZT52.13 bln.
Note that as of July 31, 2020, the total amount of debt on pension assets repaid to UAPF amounted to KZT23.634 bln including:
in 2014-2016 – KZT 1.475 bln,
in 2017 - KZT 1.249 bln,
in 2018 – KZT 14.853 bln,
in 2019 - KZT4.507 bln,
In total for seven months of 2020 – KZT 1.55 bln, which came from:
• Abdi Company JSC - KZT 188.42 mln (coupon redemption);
• APK-Invest Corporation LLP – KZT 17.92 mln (repayment within the framework of enforcement proceedings);
• Kazakhstan Kagazy JSC – KZT 127.9 mln (repayment within the framework of rehabilitation);
• Imstalkon JSC - KZT 105 mln (repayment within the framework of rehabilitation);
• Ornek XXI JSC – KZT 22 mln (repayment by third parties of part of the debt to the Fund);
• Combine of Building Materials and Structures-2 LLP – KZT 29.05 mln (repayment within the framework of enforcement proceedings);
• Astana – Nedvizhimost JSC – KZT 45.11 mln (repayment within the framework of enforcement proceedings);
• Atameken-Agro JSC – KZT 1.015 bln (repayment in accordance with a court decision).
In addition, according to the results of the claim work carried out in the current year to collect the debt of Atameken-Agro JSC, as of July 1, the debt of this issuer was repaid in full in the amount of KZT1,015,160,000.
At the same time, UAPF is taking measures to initiate criminal proceedings in order to bring to justice those responsible for causing damage to pension assets.
So, today, with the participation of the Fund, criminal proceedings are underway against 12 issuers - GLOTUR JSC, Imstalkon JSC, REMIX-R JSC, Rosa JSC, Mineral Resources of Central Asia JSC, HOMEBROKER JSC, Kazneftekhim JSC, Kazakhstan Kagazy JSC, Kazinvestbank JSC, Delta bank JSC, LANDSBANKI, Astana-Nedvizhimost JSC.
It is worth noting that the pre-trial investigation against the former managers and shareholders of two issuers (Imstalkon JSC and REMIX-R JSC) has been completed to date. The case materials were submitted to the court for consideration. Based on the results of the court hearings, the court will give an appropriate assessment of the actions of these persons. Also, in order to compensate for damage caused by the criminal offense, the Fund filed claims for compensation for this damage caused to the pension assets of the UAPF. This damage will also be reimbursed if convicted.
It is important to emphasize that a number of heads of these organizations are evading the investigative bodies, and therefore the former head and shareholder of Imstalkon JSC Vladimir Kananykhin, the former chairman of the board of REMIX-R JSC Timur Bespayev, as well as the head and shareholder of Kazneftekhim JSC Edyl Kirishev are in the wanted list. Their search has been going on for more than two years.