General Prosecutor’s Office of the Republic of Kazakhstan has initiated the withdrawal of a settlement between the former banker Orifdjon Shadiyev and the National Bank. The settlement was aimed at the restructuring of a $32.4 million debt.
«After the intervention of the General Prosecutor’s Office, the Supreme Court has ordered Shadiyev to give the National Bank back its $32.4 million, which the businessman borrowed,» the regulatory agency said.
In 2017, the National Bank issued an easy loan of $57.3 million to Capital Bank Kazakhstan (controlled by Shadiyev) under Shadiyev’s guarantee. The loan was supposed to help the bank cope with the financial difficulties it was going through at the time.
In 2019, Shadiyev acquired the lossmaking AsiaCredit Bank, even though Capital Bank Kazakhstan was also losing money. In 2020, both banks attempted to negotiate their debts with the National Bank but failed and lost their licenses the following year. At the time, Capital Bank Kazakhstan owed the National Bank about $27.2 million. In December 2022, Shadieyv’s debt to the bank was $23.7 million, interest excluded.
After Capital Bank Kazakhstan lost its license, the National Bank filed a lawsuit against Shadiyev seeking $34 million of debt, interest and other costs. Later, the banker and the regulator achieved a settlement. Shadiyev was obliged to pay off his debt in five installments until December 2024. He also promised to pawn his property against the entire debt.
However, the Supreme Court withdrew the settlement last year. «We are now in the same situation as October 2021, when Shadiyev had to pay the debt in one payment with no delay,» Galymzhan Pirmatov, head of the National Bank, stated.
In 2018, Forbes estimated Shadiyev’s fortune at $177 million. As of October 2021, he owned shares in Integra Construction KZ, LLP and PRIME System KZ, LLP, which in turn own Todini Costruzioni Generali, an Italian construction company that Shadiyev acquired for €51 million in 2016.
