OREANDA-NEWS. December 26, 2007. By decision of Board of Kazakhstan stock exchange (KASE) since December 24, 2007 trades of Pension assets investment management organization Bailyk asset management JSC (daughter organization of Eurasian bank JSC) (Almaty, in the title and hereinafter - PAIMO Bailyk asset management JSC) Kurmanova Gulmira was suspended from participation in trades, reported the press-centre of KASE.

The decision was accepted in accordance with subparagraph 3) paragraph 25 of Clause about membership due to repeated rude mistakes of G.Kurmanova while input of bids to KASE's trade system, admitted by her on November 9 and 13, 2007.

On November 9, 2007 G.Kurmanova had submitted the mistakenly bid for selling of 200 m. preferred shares of Kazkommetrsbank jSC (which exceeding the amount of these shares, being in circulation) for the total of KZT70,0 bn. As the result in trade system of KASE was enclosed the deal, liabilities on which PAIMO Bailyk asset management was unable to execute.

If the contractor on give deal won't agree to regulate the problem situation by negotiations, and KASE won't agree to make the re-calculation of amount of commission fee, than PAIMO Bailyk asset management should have to pay the contractor the forfeit in sum of KZT3,5 bn., and also pay the commission fee to KASE from total mistakenly sum of deal.

On November 13, 2007 mistakes of G.Kurmanova with ignoring of warning messages of KASE's trade system had caused the enclosing of series of  minimally 14 deals with corporate bonds of seven titles at prices, which were significantly differed from current market prices of given bonds. Eight from these deals were enclosed on the basis of bids by G.Kurmanova, and the
rest represented themselves the next re-selling of mentioned bonds by other participants of market, fixing profit from price difference. Despite the evident "abnormality" of prices of given deals, they all were nevertheless confirmed and transferred to Central depositary of securities for execution of settlements on them. According to estimations of KASE, as the result of given deals one of pension funds of Kazakhstan, bonds belonging to which were sold to G.Kurmanova had the losses in size of KZT413,3 m. Trying to cover these losses, PAIMO Bailyk asset management JSC had submitted the suit to Specialized interregion economic court of Almaty against KASE and RBNT SECURITIES JSC, the cause of which as for today is the stoppage by KASE of trades with bonds of seven titles.

Such long term, during which was accepting the decision of KASE's Board about suspending of G.Kurmanova from participation in trades, was necessary for KASE for holding of internal investigation, which did not left doubts in negligence, admitted by this trader.

Additional information is published on the web site of KASE http://www.kase.kz/GenInfo/NormBase/members.pdf (page. 8) - Clause about membership.