ATF Bank demands $5.44 mln from Russian poultry farm
Omsk. September 6. Kazakhstan Today - Kazakhstan's ATF Bank demands $5.44 million from Russian poultry farm, Kazakhstan Today reports.
Omsk Arbitration Court is considering ATF Bank claim against the Poultry Company RUS, Commercial News reports.
In 2007, the leadership of poultry farm RUS JSC agreed with SIBERIA BANK JSC for opening multiple lines of credit for 4 years. After the 2008 financial crisis, the bank refused to invest into RUS modernization.
As Deputy Director of Legal Affairs of RUS JSC, Vyacheslav Dorofeev explained to journalists, in the end of 2011, they found out that their debt went to Kazakh ATF, which in six months turned to the Omsk Arbitration court with claims against the RUS company to recover $5.44 mln credit debt and foreclosure of the mortgaged property and the arrest of the company's accounts.
On July 27 the court decided to deny to satisfy the request of ATF Bank on measures in the form of seizure of funds, including funds that will be transferred to the bank account.
On September 3 a preliminary hearing on the principal claim was scheduled. However, it lasted just for nine minutes as the court did not accept the claim of the bank representatives. Part of the text was just not properly printed due to a poor printer. Judge dismissed the meeting as "the claimant did not provide a copy of the statement of claim in the proper form".
The case is postponed.
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National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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