Kazakhstan Attempting to Retrieve Assets from International Bank of Azerbaijan

Kazakh Foreign Minister Kairat Abdrakhmanov commented on the investment situation of the Single Accumulating Pension Fund (ENPF) in the International Bank of Azerbaijan (IBA).

"As I understand it, we are talking about pension savings that were invested in this Azerbaijani bank which has found itself in a very difficult situation. We will actively interact with the relevant structures of Azerbaijan as the requests are received," Kairat Abdrakhmanov said at a government briefing. 

Recently it was announced that the International Bank of Azerbaijan may default on its payment obligations.

Kazakhstani economist Rakhim Oshakbayev said that the amount of funds invested by the Unified Accumulative Pension Fund of Kazakhstan in the Azerbaijani bank is 71.6 billion tenge (383.4 million manat or 227 million USD). 

The International Bank of Azerbaijan has declared that there are no grounds for concern and that all debts will be repayed. 

The International Bank of Azerbaijan has filed for bankruptcy in New York to receive assistance in restructuring its total debt of $3.3 billion.

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