Jusan Bank Will Reveal Owners – Deputy Nurov

Kanat Nurov, a member of the Finance and Budget Committee of the Mazhilis, said that the Mazhilis had adopted amendments according to which the payment of dividends to the bank's shareholders would be blocked by the regulator

On November 23, the deputy announced on his Facebook page that amendments to the banking legislation adopted by the Majilis will increase the transparency of banks' capital and limit the payment of dividends from state aid.

Nurov believes that the new solutions will help to combat the "exorbitant arrogance of the shareholders of Jusan Bank."

"No one would dispute the <..> legality of the dividend payment itself if the bank started somehow paying off preferential loans to the state before withdrawing them from the bank's capital. But now the amendments to the banking legislation adopted by the Majilis will allow not only to challenge this, but also to prohibit banks from paying dividends from state aid by a regulatory legal act of the regulator,"

Nurov

Previously On..

This story has been going on for quite some time now. Everything boils down to a few simple facts though. The bank received state support in the form of billions and trillions of KZT, which it then wrote off to income and paid dividends from this money. The shareholders were therefore paid 133 billion KZT in 2020 and 115 billion in 2021.

In March of this year, the bank published its financial statements for 2020 after delaying the ordeal by a year. Orda.kz carefully studied the report and found out that during that year the bank "earned" more than 100 billion KZT thanks to state aid.

Majilisman Kanat Nurov criticized the bank's financial policy this past June. He suggested assessing the damage to the state from all transactions with Jusan Bank over the past five years and suggesting ways to compensate the state.

The government responded to the deputies' proposals in July. Prime Minister Smailov said that most of the transactions were unprofitable. But now, with the help of independent experts, proposals have been developed to compensate for the damage to the state.

The head of Jusan Bank, Nurdaudet Aydosov, said that the bank would return the support measures provided to the state ahead of schedule. The management also decided not to pay dividends for 2021.

One Way Or Another..They'll Find Out

At an extraordinary meeting of Jusan's shareholders, they decided that dividends would still be "useful" to them. The dividends are a whopping 172 billion KZT.

Billions will be taken from the "retained earnings of previous years". This is from the state support budget along with other things.

They, however, were unable to make a final decision on the payment of dividends.

On October 28, an extraordinary general meeting of shareholders was, as the deputy chairman of the Management Board, Abai Alishev, didn't show up. For the same reason, the meeting could not be held on October 29. The next meeting was scheduled for December 5.

RMB: The press service of Jusan published a statement on its website. The bank claimed that it is in no way affiliated with ex-President Nursultan Nazarbayev.

The text has been adopted so that it reads better in English.

Original Author: Eleusiz Ramadan-Malik