ITFA forms Kazakhstan working group

The Board of the ITFA has approved the establishment of a working party to assist members in their problems with Bank Turanalem (BTA) in Kazakhstan.

As those members affected will know, the principal problem has been BTA’s declaration that it will only consider paying what it determines to be “true trade obligations.” The working party will investigate in what way it can most effectively help affected members including , but not limited to, making representations to the Kazakh authorities, BTA and its advisers. To assist the working party, members who have an interest are asked to write to the working party representatives, Sean Edwards of Sumitomo Mitsui Banking Corporation at sean _edwards@gb.smbcgroup.com and Bernd Sooth of KfW at Bernd.Sooth@kfw.de, with brief details of their experiences and the nature and wording of their facilities. The working group does not need to know exposure amounts and of course any sensitive commercial information can be withheld. All information will be kept confidential.