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To attention of Astana-Finance JSC Dollar Notes Holders!

To holders of dollar notes of

The Bank of New York Mellon



Astana-Finance JSC (hereinafter - Company) in accordance with restructuring documents has obligations to redeem Dollar notes for recovery (maturity date – December 22, 2024) in the amount of 50 million US dollars and bears an obligation for corporate income tax in the amount of 26.4 billion tenge (66 million US dollars), accrued from 2015 as a result of the Company’s restructuring.

As previously reported, in implementing activities, aimed at fulfilling the above mentioned obligations, the Company faces various difficulties, mainly related to litigation processes.

As an example, at the litigation process where Unified Accumulative Pension Fund JSC involved the Supreme Court of the Republic of Kazakhstan cancelled the guarantee obligations, issued by Astana-Real Estate JSC in favor of the Company, in the amount of more than 8 billion tenge (19.8 million US dollars), and decided to return the debts exacted from Astana-Real Estate JSC. Therefore, the repayments of Dollar Notes by restructuring documents is at risk of nonfulfillment.

In order to prevent default and disruption of the execution of restructuring documents, the Company has already taken measures to enforce the court decision in favor of Astana-Real Estate JSC by transferring property in the amount of about 564 million tenge (1.5 million US dollars).

            Besides, on January 29, 2020, the decision of the Specialized inter-district economic court of Nur-Sultan dated 11.11.2019 on recovering from the Company in favor of the Unified Accumulative Pension Fund JSC the amount of debt, under the Assignment rights agreement between Astana-Real Estate JSC and the Unified Accumulative Pension Fund JSC, become legally effective. All the Company’s attempts to appeal this decision, as well as requests for installment payments of debts, were unsuccessful.

On June 11, 2020, by a decree of a bailiff acting in the area of Nur-Sultan, enforcement proceedings on recovering the debts from the Company were instituted. As part of the enforcement proceedings, all property and bank accounts of the Company were seized. As a result, the Company's activities are paralyzed until the issues of debt repayment and bailiff expenses are resolved.

Currently, the Company has filed complaints about the actions of the bailiff with the judicial authorities of Nur-Sultan in order to remove the arrests, also the Company is taking all possible measures to resolve this issue.

At the same time, we would like to acknowledge, that despite the mentioned difficulties for the Company, the fulfillment of its obligations under the restructuring documents remains the highest priority and the Company will make every effort to achieve this goal and protect the interests of note holders.

In addition, aiming to successfully protect the interests of creditors on restructuring documents, the Company kindly requests from the holders of notes (investors) due attention to the difficulties of the Company and expresses readiness for joint actions in sending the necessary letters to the authorized state bodies of the Republic of Kazakhstan, as well as organizing meetings with their representatives. To implement this initiative, we will highly appreciated if you will assign contact person who under power of attorney may represent your interests in relevant joint activities aimed at assisting Company to implement it’s obligations under restructuring documen ts at a full extent.


Kind regards,

The Acting  Chairperson

  of the Management Board                                                                              M. Uteuov

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