Crisis Has Gone?
Mukhtar Ablyazov, Kazakhstan’s one-time energy minister and political prisoner, currently the chairman and principal owner of JSC Bank TuranAlem, country’s second-largest financial institution by assets, gave an interview to Bloomberg recently. He is planning to roll up investments from Armenia to Russia, despite the global reassessment of risk, triggered by concerns about subprime mortgage losses in the U.S.
“There is no crisis,” says the 44-year-old Ablyazov, although the inflow of cheap foreign lendings has dried down and S&P downgraded the Kazakh banks’ outlook to negative. “It is not pleasant,” Ablyazov says. “But I consider that some seven to eight months will pass, and we will cope with the situation.”
Ablyazov also remains optimistic about the country’s ability to weather the credit crunch. “Of course, we are disappointed a little because we had ambitious plans,” he says. “We have moderated our business and are getting down to work.”
on December 25th, 2007 at 5:11 pm
This is exactly the sort of rubbish I was afraid was going to get spun off that article. BTA would love to believe there isn’t a crisis. Unfortunately, saying doesn’t make it so.
Also, the summary refers to Ablyazov as “Kazakhstan’s top banker”. Really? When did he get Anvar Saidenov’s job? I must have missed that.
on December 25th, 2007 at 5:36 pm
Well, Saidenov is not actualy a banker - he is a state official.
on December 26th, 2007 at 3:44 am
Let’s not split hairs, Adam. The phrase “central banker” or “top banker” is often used to describe the head of the National Bank, which is what Saidenov is, and what Marchenko was.
Far more disturbing than that minor error, however, is the implication that the banking crisis and the real estate bubble in Kazakhstan is somehow a personal life challenge for Ablyazov to best, and therefore if he says it’s no big deal (or denies it exists) then no one else need worry.
A question worth asking Mr. Ablyazov about his current position would be how exactly he was allowed to chair the board of directors of a bank in Kazakhstan as the law is supposed to preclude individuals who have been administratively censured as government officials from serving.
Or is it so widely recognized in the community that he was a political prisoner?
on December 26th, 2007 at 6:39 am
Are you sure the law reads like that? It precludes former convicts from public office, not from any professional activity at all. They can do anything in private sector - get hired, start business etc.