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After the move by Morgan Stanley and other creditors, Anvar Saidenov, the chairman of BTA, said the bank was unable to accelerate repayment of its $15bn of foreign debt and would present restructuring proposals to lenders in May.
However, ahead of these proposals, last week BTA's former shareholders launched the first of a threatened barrage of arbitration cases against the government that could eventually involve claims of $20bn in alleged damages incurred by the takeover.
Sweeping financial reforms introduced in the 1990s groomed Kazakh banks for the frenzied courtship by foreign investors that began after world oil prices took off in 2000.
Kazakh banks borrowed heavily to fund an oil-driven domestic consumer boom, but were stranded with $45bn of foreign debt when the US subprime crisis erupted.
"BTA was not the only Kazakh bank that sailed close to the wind," said Michael Carter, chief executive of Visor Capital, a Kazakh investment bank.
But its appetite for risk outstripped even that of its peers.
BTA sold investors a compelling strategy to escape the confines of the Kazakh market by expanding into neighbouring regions with plans to emerge as the biggest bank in the CIS.
Analysts have warned that the high proportion of offshore and related party lending in BTA's portfolio may obstruct recovery of some of the bank's assets. The opaque ownership structure of the bank's foreign assets could also complicate negotiations.
Mukhtar Ablyazov, the former chairman of BTA, left Kazakhstan for London immediately after the take-over, accusing the government of corporate raiding.
Mr Ablyazov's supporters say corrupt government and weak governance in Kazakhstan drove the banker to hedge risk by investing offshore.
At the time of the take-over the government said its intervention at BTA was essential to protect the interests of depositors and creditors and ensure the stability of the banking system.
It was the first time new Kazakh legislation empowering the government to take over a bank found to be in breach of liquidity and reserve requirements had been invoked.
BTA's former shareholders accuse the government of crippling the bank by increasing provisioning requirements and transferring state-owned companies' accounts to rival banks. Depositors fled BTA after the bail-out was announced reflecting Kazakhs' dim view of government management.
Kazakh banks' access to international capital markets, already narrowed by the global financial crisis, is now expected to close altogether. Debt repayments have become more burdensome since an 18 per cent devaluation of the Tenge, the Kazakh national currency, this February.
Mr Carter said investors would return to Kazakhstan if oil prices recover to $60 a barrel. "History shows that the financial world has Alzheimers," he said.
Additional reporting by Gillian Tett
Copyright The Financial Times Limited 2009