Kazakhstan’s beleaguered state pensions fund has found itself the target of a fresh bout of public indignation after losing hundreds of millions in a doomed Azerbaijani investment.
Privately run broadcaster KTK reported this week that managers at the Single Accumulated Savings Fund, or ENPF in its Russian initials, sunk around 70 billion tenge ($224 million) into the International Bank of Azerbaijan. This lender has recently cited liquidity issues as grounds for failing to respect its international liabilities and filed for bankruptcy.
Members of parliament are livid and have accused pension fund managers of incompetence, particularly since there had previously been warnings that the Azerbaijani bank was in trouble.
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