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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

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Kazakhstan feels heat of credit crisis

By Isabel Gorst

Published: May 6 2009 03:00 | Last updated: May 6 2009 03:00

When the global credit crunch first hit Kazakhstan in August 2007, Nursultan Nazarbayev, the president of the oil-rich country, pledged that no big bank would fail.

But the partial default by BTA last week has raised fears of a looming bankruptcy at Kazakhstan's biggest bank that would intensify pressure on the troubled financial sector - and provide a crucial test case for the scores of western banks that have extended loans or cut derivatives deals with the Kazakh group.

Samruk Kazyna, the Kazakh sovereign wealth fund, which invested $1.7bn to acquire a 75.1 per cent stake in a controversial takeover of BTA early this year, has refused to channel more funds into the bank.

That leaves foreign creditors, owed $15bn by BTA, with the uncomfortable choice between calling in loans or waiting to take a haircut when a restructuring plan is announced in May. To complicate matters, some of those creditors are also holding derivatives contracts with BTA - and that threatens to make it harder to hammer out any deal since their incentives are not clearly aligned with each other.

Worse still, BTA's former shareholders are also suing the government for alleged damages - while the bank's former chairman, accused by the Kazakh prosecutor of fraud, is on the run.

"It's a mess," says Oksana Reinhardt, an analyst at Deutsche Bank. "This is bad for BTA and bad for the whole of Kazakhstan."

BTA froze debt payments last week after Morgan Stanley and an unnamed international bank called in $550m of loans citing changes of ownership covenants and downgrades by international rating agencies. Morgan Stanley is understood to have taken that move partly because it wished to activate credit default swap contracts it had written to protect itself from the risk of default.

Last week Morgan Stanley asked the International Swaps and Derivatives Association in New York to formally start settlement proceedings for these CDS contracts, of which more than $700m have been written in recent months. Such contracts can only be activated once there is a clear case of default. Morgan Stanley has refused to comment.

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